UK's Bellway cancels takeover proposal for Crest Nicholson
Real Estate

UK's Bellway cancels takeover proposal for Crest Nicholson

British homebuilder Bellway has withdrawn its $921 million takeover proposal for FTSE midcap peer Crest Nicholson without providing an explanation.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.

British homebuilder Bellway has withdrawn its $921 million takeover proposal for FTSE midcap peer Crest Nicholson without providing an explanation.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.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code