Crest Nicholson Holdings PLC has announced an extension to the PUSU (Put Up or Shut Up) deadline regarding a possible all-share offer by Bellway p.l.c. for the acquisition of the entire issued and to be issued share capital of Crest Nicholson. The extension was requested by the Board of Crest Nicholson and consented to by the Panel on Takeovers and Mergers, allowing further time for discussions, due diligence, and negotiation of definitive transaction documentation.
The original terms of the possible offer included 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, comprising the previously announced interim dividend of 1 pence per share and a special dividend of 3 pence per share conditional on completion of the transaction.
The new deadline for Bellway to announce a firm intention to make an offer for Crest Nicholson in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer has been set for 20 August 2024. The announcement also highlighted that there is no certainty that a firm offer will ultimately be made for Crest Nicholson by Bellway, even if the pre-conditions are satisfied or waived.
Bellway reserves the right to introduce other forms of consideration and/or vary the mix or composition of consideration of any offer. It also 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 was made with the consent of Crest Nicholson and Bellway. The responsible persons for arranging the release of the announcement on behalf of Crest Nicholson and Bellway were also mentioned in the release.
The extension to the PUSU deadline provides additional time for the parties to conclude due diligence and negotiate definitive transaction documentation, potentially leading to a firm offer for Crest Nicholson by Bellway.