Gladedale offers £84m for Ben Bailey

Private housebuilder Gladedale has made an £84m offer for housebuilder Ben Bailey.

Gladedale announced this morning that it has made a recommended 700p a share offer for Yorkshire-based Ben Bailey.

The deal follows a move by the housebuilder’s management to put the company up for sale.

Remo Dipre, Gladedale executive chairman, said: “The acquisition of Ben Bailey will provide a substantial addition to the current Gladedale Group. It will provide a complementary fit within our existing central UK division covering Yorkshire, Derbyshire, Nottinghamshire and Lincolnshire.”

The deal continues Gladedale’s expansion strategy, following its takeover of Country & Metropolitan in 2005.

Richard Bailey, chairman of Ben Bailey, said: “Having considered the strategic options, the board of Ben Bailey concluded that it should seek a buyer for the group. The offer represents an attractive price for Ben Bailey shareholders and the company will benefit from the access to capital available to it as part of Gladedale.”