Private housebuilder finalises takeover deal at 300p per share

Housebuilder Gladedale has agreed to buy its smaller rival Country and Metropolitan for 300p per share, valuing the company at £72m,; if all options are excised, it would rise to £78.2m.

Gladedale is a private housebuilder with offices in Epsom, Waltham Cross and Stirling, while Country and Metropolitan has its headquarters in Middlesex, and specialises in inner-city redevelopment work

At the beginning of March, Country and Metropolitan announced it was in takeover talks after speculation about a bid pushed shares up by more than 50% in six weeks.

Remo Dipre, chairman and chief executive of Gladedale, said: "This further continues our ambitious plans of expanding our operational activities throughout the UK, following the acquisition of Bett in 2003."