Galliford Try (GFRD) confirmed press reports that it had received – and rejected – an all-share bid for Linden Homes and the partnership and regeneration division from rival Bovis Homes (BVS). The would-be acquirer put a £950m price tag on its target, together with Galliford Try's 10-year debt private placement of £100m.
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Galliford did not believe the offer “fully reflected the value of the housing businesses” and to ensure the remaining Galliford Try listed construction-focused group had a viable capital structure. Despite the parties confirming that they were no longer in discussions, shares in Galliford rose by as much as 5 per cent.
