Wrangling continues between Crest Nicholson and Gerald Ronson’s Heron Corporation, which has been looking to buy the housebuilder for a number of months. In the latest twist – at the time of going to press – Crest rebuffed the privately owned property company’s takeover plans on the grounds that Heron’s proposed offer of 345p to 430p a share, which would value the housebuilder at around £480 million, was a significant undervaluation. Crest has also refused Heron access to its books, saying it will only do this if it receives an offer that it could satisfactorily recommend to shareholders. <p></p><p>“For any offer for Crest Nicholson to be recommended by the board, it will need to fully reflect Crest’s strengths and excellent prospects,” said Crest chairman John Matthews. “Even at the top of this range, this proposal significantly undervalues Crest Nicholson and shareholders are recommended to take no action.” </p><p>Heron Corporation is a major player in the European property market, and is backed by the likes of Rupert Murdoch and Bill Gates, with Ronson’s share estimated to be worth more than £180 million. Heron currently owns a 23% stake in Crest Nicholson, since it began buying up Crest shares last year. </p>