GT rejects Bovis Linden bid

Bovis and Galliford Try have this morning confirmed weekend reports that Bovis sought to buy GT’s homes division, Linden, but the deal was rejected.

Bovis said: “Bovis Homes confirms that following an initial proposal, some preliminary discussions and the receipt of some high-level financial information from Galliford Try, Bovis Homes submitted a revised proposal (subject to detailed due diligence) on 8 May 2019 regarding the potential combination of Bovis Homes and Galliford Try’s Linden Homes and Partnerships & Regeneration businesses for consideration of £950 million together with the assumption of Galliford Try’s ten year debt private placement of £100 million, with the consideration to be satisfied via the issuance of new Bovis Homes shares directly to Galliford Try shareholders.

“Galliford Try rejected the Bovis Homes proposal on May 24 2019 as Galliford Try did not believe that the proposal fully reflected the value of the housing businesses and the need to ensure that the remaining Galliford Try UK listed construction focused group had a viable capital structure.”

Bovis Homes and Galliford Try are no longer in discussions, said the statement.

Galliford Try said: “The Galliford Try board carefully considered the Bovis Homes proposal together with its financial adviser, Rothschild & Co. The board …