Housebuilder accepts £715m takeover from consortium led by HBOS and Sir Tom Hunter
Housebuilder Crest Nicholson has accepted a long-awaited £715m takeover bid from the Castle Bidco consortium led by HBOS and Scottish entrepreneur Sir Tom Hunter.
The consortium had been given a ‘put up or shut up’ deadline of 5pm yesterday, but negotiated a further 24 hours in which to make the deal.
The deal is worth 620p a share with the right to retain a dividend of 9.7p a share.
Crest Nicholson chairman John Matthews said: “The acquisition represents good and certain cash value for Crest Nicholson shareholders and reflects fairly the company's current prospects.”
The housebuilder rejected an earlier bid worth £660m from Castle Bidco in December. It posted a 2% rise in pre-tax profit to £80m in January, accompanied by a 1.2% dip in turnover to £690.7m.
The Crest Nicholson bid still has to be approved by holders of 75% of the shares, although Castle Bidco already owns 23% of the company.