Real Estate
Crest Nicholson Rejects Bid From Rival UK Housebuilder Avant
- Crest Nicholson rejected a separate offer from Bellway in May
- Homebuilding sector seeing an uptick in consolidation attempts
Crest Nicholson Holdings Plc has rejected a bid from rival Avant Homes, marking the UK builder’s second takeover approach in as many months.
Avant made a merger offer on the basis of net asset value, with a shareholder ratio of roughly 70/30 in Crest Nicholson’s favor, according to a person familiar with the matter. This effectively represents a premium of about 20% to Bellway Plc’s offer of 253 pence per share in May — which valued the firm at about £650 million ($831 million), the person said.