Crest Nicholson Holdings PLC has rejected a revised unsolicited preliminary proposal from Bellway p.l.c. for a possible all-share offer. The proposal, received on 7 May 2024, offered Crest Nicholson shareholders 0.093 new ordinary shares in Bellway for each Crest Nicholson share owned. This implied an approximate 17.1% ownership of the combined entity for Crest Nicholson shareholders. The Board of Crest Nicholson unanimously rejected the Revised Proposal on 14 May 2024, deeming it significantly undervaluing Crest Nicholson and not in the best interests of its shareholders.
This Revised Proposal followed an earlier unsolicited approach from Bellway on 25 April 2024, which was also unanimously rejected by the Board of Crest Nicholson on 2 May 2024. The company remains confident in its standalone prospects, particularly given the conclusion of the review of provisions for completed development sites, its attractive land portfolio, and the new leadership of Martyn Clark.
In accordance with Rule 2.6(a) of the Code, Bellway is required to announce a firm intention to make an offer for Crest Nicholson by 11 July 2024 or announce that it does not intend to make an offer. This announcement has been made without the consent of Bellway.
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