# Bovis Homes Group Statement regarding Galliford Try

- Link: https://www.directorstalkinterviews.com/bovis-homes-group-statement-regarding-galliford-try/412783719
- Published: 2019-05-28T07:44:59+01:00
- Author: Charlotte Edwards

In view of the recent press speculation and the announcement by Galliford Try plc,**
Bovis Homes Group** (LON:BVS) confirmed that 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 (subject to detailed
due diligence) on 8 May 2019 regarding the potential combination of Bovis Homes 
and Galliford Try’s Linden Homes and Partnerships & Regeneration businesses (the“
Housing Businesses”) for consideration of £950m together with the assumption of 
Galliford Try’s 10-year debt private placement of £100m, with the consideration 
to be satisfied via the issuance of new Bovis Homes shares directly to Galliford
Try shareholders (the “Bovis Homes Proposal”).

The potential combination relates solely to a combination with the Housing Businesses
and does not relate to a merger with Galliford Try itself. The potential combination
envisages Galliford Try remaining a UK listed construction focused group owned entirely
by Galliford Try shareholders.

Galliford Try rejected the Bovis Homes Proposal on 24 May 2019 as Galliford Try 
did not believe that the proposal fully reflected the value of the Housing Businesses
and the need to ensure that the remaining Galliford Try UK listed construction focused
group had a viable capital structure.

Bovis Homes and Galliford Try are no longer in discussions.

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