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Bellway, Crest Nicholson slide as merger talks extended
Bellway PLC (LSE:BWY) and Crest Nicholson Holdings PLC each moved into the red after the deadline passed and was extended for a firm agreement over their merger on Thursday. Bellway had originally been granted until Thursday afternoon to table a firm offer for Crest Nicholson, with the deadline on an agreement now being pushed to August 20.
UK's Takeover Panel extends deadline for Bellway-Crest Nicholson deal to Aug. 20
The UK Takeover Panel has extended the deadline for the 720 million pound ($913.7 million) all-share takeover proposal by homebuilder Bellway for its FTSE midcap peer Crest Nicholson to Aug. 20, the companies said on Thursday.
Deadlines approach for Barratt-Redrow, Bellway-Crest Nicholson mergers
The deadline for the Competition and Markets Authority (CMA)'s phase-1 investigation into the proposed £2.5 billion merger between housebuilders Barratt Developments PLC (LSE:BDEV) and Redrow PLC (LSE:RDW) closes this Thursday. The proposed merger was first announced in February before the CMA opened an investigation into the deal in March, followed by an official competition inquiry in June.
Bellway (BLWYY) Upgraded to Buy: What Does It Mean for the Stock?
Bellway (BLWYY) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).
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.
