Crest Nicholson Holdings plc has responded to a possible offer announcement by Bellway p.l.c. regarding a revised unsolicited preliminary proposal for a possible all-share offer for Crest Nicholson. The Revised Proposal implied a value of 253 pence per Crest Nicholson share, representing a premium of approximately 18.8% to the Crest Nicholson share price. However, the Board of Crest Nicholson unanimously rejected the Revised Proposal, stating that it significantly undervalued Crest Nicholson and its future standalone prospects.

This Revised Proposal followed an earlier unsolicited approach from Bellway, which was also unanimously rejected by the Board of Crest Nicholson. Crest Nicholson remains confident in its standalone prospects, particularly given the conclusion of the review of provisions for completed development sites, its land portfolio, and the new leadership of Martyn Clark.

Bellway is required to announce a firm intention to make an offer for Crest Nicholson or announce that it does not intend to make an offer by a specified deadline. This announcement has been made without the consent of Bellway.

The announcement is not intended to constitute or form part of any offer, invitation, or solicitation of any offer to purchase securities. The release, distribution, or publication of this announcement in jurisdictions outside the United Kingdom may be restricted by laws of the relevant jurisdictions.

Barclays Bank PLC and Jefferies International Limited are acting as financial advisers in this matter.