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Housebuilder Crest Nicholson has rejected a takeover offer from rival Bellway, the latest sign of a consolidation push in the UK building sector this year.
Bellway late on Thursday confirmed it had made an all-share offer for the smaller group following a report by React News. Despite the bid being pitched at a 19 per cent premium to its most recent share price, Crest Nicholson on Friday said the proposal “fundamentally undervalued Crest Nicholson and its future prospects”.
The move by Bellway follows Barratt’s successful bid for Redrow this year that would consolidate its position as the UK’s largest housebuilder.
L&G is also in the process of marketing Cala Homes, a private homebuilder.
