Pidgley play confirms ongoing market moves

March 1, 2003
Tony Pidgley Junior&amp;’s bid to buy his father&amp;’s firm, the Berkeley Group, may have failed but it is confirmation that the wave of merger, acquisitions and de-listing in the industry is set to continue this year according to analysts. <p></p><p> Despite fears about the state of the housing market, there is increasing belief that the demand for new homes will continue whatever the short term impact of a loss of confidence in the sector. Some analysts say this means that now is a good time to take firms private or to pursue further acquisitions. The younger Pidgley himself is expected to turn his attention to a new purchase following the failed Berkeley bid.</p><p> Pidgley Junior had planned for a year to take over Berkeley through his private firm Cadenza but was confronted by his father when the news leaked. It became clear that the board of Berkeley was against the deal, backing the father against the son, and that the price was not right. But Pidgley senior told The Sunday Times that in different circumstances a deal could have been struck. &amp;“The timing was impeccable,&amp;” he said. &amp;“Done properly at 900p a share I suspect it could have been a …

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