Crest Nicholson denies that it is holding back information that would allow Heron to make a bid for the housebuilder.
Heron Corporation has announced an interest in buying housebuilder Crest Nicholson. Heron said that any offer would be between 345p and 430p but. It claimed that Crest had not provided it with information that would allow it to value the housebuilder.
Crest acknowledged that it had received an “informal oral expression of interest” from Heron. It said that even an offer of 430p would undervalue the company.
Crest also said that the expression of interest was unclear on a number of issues including the price of the offer, the sources of funding, timetable and required due diligence.
Crest chairman John Matthews said: “For any offer for Crest Nicholson to be recommended by the board, it will need fully to reflect Crest Nicholson’s strengths and excellent prospects. Event at the top of this range, this proposal significantly undervalues Crest Nicholson and shareholders are recommended to take no action.”