Bellway PLC has announced an extension to the deadline for a possible all-share offer for Crest Nicholson Holdings PLC. The offer would involve acquiring the entire issued and to be issued share capital of Crest Nicholson. The terms of the possible offer include Crest Nicholson's shareholders receiving 0.099 shares in Bellway for each share they own in Crest Nicholson and a dividend of 4 pence per Crest Nicholson share. The extension to the deadline was requested by the Board of Crest Nicholson to allow further time for discussions and due diligence between the two companies.
The new deadline for Bellway to announce a firm intention to make an offer for Crest Nicholson is now 20 August 2024. Bellway has stated that there is no certainty that a firm offer will ultimately be made for Crest Nicholson, even if the pre-conditions are satisfied or waived. The company reserves the right to introduce other forms of consideration and/or vary the mix or composition of consideration of any offer. Additionally, Bellway reserves the right to make an offer for Crest Nicholson at a lower value or on less favorable terms than the Possible Offer under certain circumstances.
The announcement also mentions that the person responsible for arranging the release of the announcement on behalf of Crest Nicholson is Penny Thomas, Group Company Secretary, and on behalf of Bellway is Simon Scougall, Chief Commercial Officer. The announcement includes contact information for inquiries from both Crest Nicholson and Bellway, as well as their respective financial advisers and corporate brokers.
Overall, the extension of the deadline for the possible offer from Bellway to Crest Nicholson reflects ongoing discussions and due diligence between the two companies, with the potential for further developments in the future.