Bovis Homes no longer in talks over Galliford housing arms


Adds details on bid, company comments

May 28 (Reuters) - British home builder Bovis Homes Group BVS.L said on Tuesday it was no longer in talks with Galliford Try plc GFRD.L to buy its home building arms, after seeing a 950 million pound ($1.21 billion) bid rejected at the end of last week.

Shares in Galliford shares gained almost 8% at opening, while those in Bovis were flat, suggesting investors think a deal is still possible.

Galliford on Saturday said it had rejected a bid from Bovis to buy its Linden Homes and Partnerships & Regeneration businesses in exchange for new Bovis Homes shares, judging it was not in the interests of all shareholders.

"Following an initial proposal, some preliminary discussions and the receipt of some high-level financial information from Galliford Try, Bovis Homes submitted a revised proposal on May 8," Bovis Homes confirmed.

"Bovis Homes and Galliford Try are no longer in discussions."

Bovis said it had proposed paying 950 million pounds ($1.20 billion) for the units, while also assuming Galliford's 10-year debt private placement of 100 million pounds.

Galliford said in a separate statement that it remained confident in its long-term prospects.

($1 = 0.7885 pounds)

(Reporting by Justin George Varghese in Bengaluru; Editing by Rashmi Aich and Patrick Graham)

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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