Housebuilder Crest Nicholson has rebuffed a takeover bid from the privately owned Heron Corporation run by Gerald Ronson. Crest said Heron’s offer of 345p to 430p a share, which could value the housebuilder at up to £480 million, significantly undervalued the company. Crest have also refused to allow Heron access to its books saying it will only do this if it receives an offer it feels it can recommend to shareholders. Crest chairman John Matthews said: “For any offer for Crest Nicholson to be recommended by the board, it will need to fully reflect Crest’s strengths and excellent prospects. Even at the top of this range, this proposal significantly undervalues Crest Nicholson and shareholders are recommended to take no action.” Heron now owns a 23% stake in Crest Nicholson. It is thought their interest in the company stems from Crest’s extensive land bank. (Independent, FT)