Bidding war continues despite provisional acceptance of investment houses’ offer by the retirement home specialist
McCarthy & Stone has agreed a £1bn takeover bid from a group led by investment groups Permira and Barclays Capital. Under the offer shareholders would receive £10 per share.
However, McCarthy, the UK’s leading builder of retirement homes, confirmed there were more bids on the table.
It said it had received a rival offer of £10.30 a share from Simon and David Reuben’s Aldersgate Investment and West Coast Capital.
A third possible bid by Vincent Tchenguiz was also reported. The property tycoon is said to have tabled a bid of £1bn, but it has yet to be fully financed.
McCarthy is responsible for around 60% of retirement housing built in the UK. Its market value has risen by almost 50% following a strong six months for the housebuilding sector.
McCarthy & Stone chairman Keith Lovelock said the offer from Permira and Barclays Capital ‘fairly reflects’ the strengths of the business.