Bellway withdraws Crest offer

Bellway has announced that it does not intend to acquire Crest Nicholson.

The larger housebuilder had until the end of August 20 to confirm that it would make a firm offer for Crest or withdraw it. This was an extension from August 8 after the board of Crest requested more time from the takeover panel to allow for further discussions.

Bellway said today (August 13) that it did not intend to make a firm offer. It added that as per its trading update of August 9, it remained confident that its “robust balance sheet and operational strength, combined with the depth and quality of its landbank, will enable Bellway to deliver volume growth in the years ahead and support ongoing value creation for shareholders”.

In a separate statement, Crest noted Bellway’s announcement, saying that, as per previous announcements, its board had engaged with Bellway over a possible all-share offer for Crest, “in response to a series of unsolicited proposals from Bellway”.

Crest added that, as conveyed in its half year results on June 13, it remained confident in its prospects as a standalone company, “in particular given conclusion of the review of provisions for completed …