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UK’s Crest Nicholson says Bellway’s revised proposal undervalues group
Global Banking & Finance Review®
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(Reuters) – British homebuilder Crest Nicholson said on Friday it rejected a 650 million pound ($828.04 million) revised unsolicited proposal from rival Bellway, saying that the deal “significantly undervalued” the group.
(Reuters) – British homebuilder Crest Nicholson said on Friday it rejected a 650 million pound ($828.04 million) revised unsolicited proposal from rival Bellway, saying that the deal “significantly undervalued” the group.
Bellway on Thursday made public the revised all-share bid it proposed on May 7 to buy Crest Nicholson, after the initial proposal too was rejected.
($1 = 0.7850 pounds)
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Sonia Cheema)
A corporate takeover occurs when one company acquires control over another company, often by purchasing a majority of its shares. This can be done through friendly negotiations or hostile bids.
An unsolicited proposal is an offer made by one company to acquire another without prior invitation or request from the target company. It may be rejected if deemed undervalued or inappropriate.
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