Horizon has three weeks to come up with an offer for Crest Nicholson according to reports

Housebuilder Crest Nicholson has given suitor Horizon just three weeks to table a full offer for the business, according to a report in the Financial Times.

The paper said that Crest’s advisors, Morgan Stanley, had granted Horizon exclusive rights to negotiate a deal until the middle of next June. If it is unable to do this the field will be opened for rival bidders, which could include listed housebuilders, to come in and table offers.

Horizon is believed to have provisionally offered between £350-400m for the business, subject to the detailed negotiations now ongoing.