Crest Nicholson announced it would be taken private last week after it accepted a £715m offer from the Castle Bidco consortium led by HBOS and Sir Tom Hunter, the Scottish entrepreneur.
The deal, which is worth 620p a share, follows Castle Bidco and the Reuben Brothers’ acquisition of retirement homes specialist McCarthy & Stone last September.
It marks a further shrinking of the quoted housebuilding sector: Barratt is buying listed housebuilder Wilson Bowden, and Persimmon acquired Westbury Homes last year.
John Matthews, Crest Nicholson’s chairman, said: “The acquisition is good and certain cash value for Crest Nicholson shareholders and reflects fairly the company’s prospects.”
The housebuilder rejected a 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 £691m.
No comments yet