The Board of Galliford Try plc (LON:GFRD) noted the recent media speculation and confirms that it received a preliminary proposal from Bovis Homes Group PLC to acquire Galliford Try’s Linden Homes and Partnerships & Regeneration divisions in exchange for new Bovis Homes shares.
The Bovis Homes Proposal envisaged Galliford Try remaining an independent UK-listed group focussed on construction and Galliford Try shareholders receiving new Bovis Homes shares pro rata to their current Galliford Try shareholdings.
The Galliford Try Board carefully considered the Bovis Homes Proposal together with its financial adviser, Rothschild & Co. The Board rejected the Bovis Homes Proposal as it believes it does not fully value the Linden Homes and Partnerships & Regeneration divisions and is not in the interests of all shareholders.
As set out in the Trading Update on 21 May 2019, the Galliford Try Board remains confident in the long-term prospects of the group.