UK's Bellway cancels takeover proposal for Crest Nicholson

14 Aug 2024 CW Team

British homebuilder Bellway has withdrawn its $921 million takeover proposal for FTSE midcap peer Crest Nicholson without providing an explanation. Following the announcement on Tuesday, Bellway's shares rose by about 4%, while Crest's stock, which had gained 15% since the approach was revealed in June, dropped by approximately 9%.

Bellway stated that it remains confident in its robust balance sheet, operational strength, and the quality of its land bank, which it believes will support volume growth in the coming years.

In a separate statement, Crest Nicholson expressed confidence in its standalone prospects. Last month, Crest indicated it might recommend a firm offer to its shareholders after Bellway had sweetened its proposal. The most recent proposal, made in July at 273 pence per share, was Bellway's third offer in four months. The previous offer at 253 pence per share, along with the initial bid, had been rejected by Crest.

The consolidation in Britain's homebuilding sector continues as a shortage of properties drives up prices and rents, leading the new Labour government to promise eased planning restrictions and increased building. In February, Barratt, Britain's largest homebuilder, agreed to acquire Redrow in an all-stock deal, while Vistry purchased Countryside in 2022. Last week, Bellway joined larger rivals Persimmon and Taylor Wimpey in expressing optimism about the sector's outlook after the Bank of England lowered its main interest rate.

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