Bellway Plc Unsponsored ADR (BLWYY)
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Crest Nicholson 'minded to recommend' new Bellway offer
Crest Nicholson PLC (LSE:CRST) said it might support a new merger proposal from rival housebuilder Bellway PLC (LSE:BWY) that values it at around £700 million. Surrey-based business Crest Nicholson has rejected two previous approaches but said Bellway had come back with a revised and higher offer.
Bellway could afford to pay 300p a share for Crest Nicholson - here's why
RBC Capital believes that a takeover of Crest Nicholson PLC (LSE:CRST) by Bellway PLC (LSE:BWY) makes strategic sense for the latter, particularly if the acquisition price is below one times Crest's book value or 300 pence per share. Such a deal could enhance Bellway's earnings and generate a return on invested capital exceeding current consensus estimates.
Crest Nicholson: Bellway bid may be best way forward for builder, says investment bank
RBC Capital believes that a sale to rival Bellway PLC (LSE:BWY) offers a less risky and smoother path for investors in builder Crest Nicholson PLC (LSE:CRST) and suggests that if Bellway returns with a third offer, shareholders should seriously consider it. This comes after Crest Nicholson rejected two takeover bids from Bellway, which offered significant premia over the current share price.
Crest Nicholson rejects takeover offer from Bellway
Housebuilder Bellway PLC (LSE:BWY) has closed out the week confirming press speculation that it made an offer for Crest Nicholson PLC (LSE:CRST), the fellow home construction company whose shares sunk more than 11% yesterday on the back of poor results. Bellway said it made an offer on May 7 but Crest Nicholson's board rejected it.
UK's Crest Nicholson says Bellway's revised proposal undervalues group
British homebuilder Crest Nicholson said on Friday it rejected a 650 million pound ($828.04 million) revised unsolicited proposal from rival Bellway , saying that the deal "significantly undervalued" the group.
UK's Bellway confirms $8.3 bln bid for rival Crest Nicholson
British homebuilder Bellway on Thursday confirmed that it had recently made an all-share offer to acquire Crest Nicholson , in a deal which would have valued the rival at about 6.5 billion pounds ($8.29 billion).
Bellway well-placed for housing pick-up, bank suggests
Bellway is one of the best positioned among the housebuilders to recover once conditions in the market improve but that is unlikely to be for at least a year, believes Deutsche Bank In a trading update last week, Bellway indicated sales rates are improving year-on-year with outlets up against a difficult planning environment. “We expect a strong year-end order book, which should provide a platform for above-average profit growth in FY25/26," analysts at Deutsche.
Bellway predicts temporary trading impact as election approaches
Bellway PLC (LSE:BWY) reported stronger trading through the spring selling season, with improved affordability leading to higher reservation rates compared to the first half of the financial year. Matching prior guidance, Bellway is on track to deliver around 7,500 homes this year with an average selling price of around £305,000, up from the previous guidance of £295,000.
Bellway update overshadowed by election uncertainty
Expect the election to feature in housebuilder Bellway's update next week. In its most recent comments, the group said it still expected "to deliver previous guidance for around 7,500 homes, down from 10,945 last year, at an average selling price of £295,000.
