Business
Statement re Bovis Homes Group Plc
Statement re Bovis Homes Group Plc.
About this update from Galliford Try Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 2127Z Galliford Try PLC 13 March 2017 \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN OR INTO OR FROM, ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.\n \nTHIS ANNOUNCEMENT IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE \"CODE\") AND THERE CAN BE NO CERTAINTY THAT AN OFFER WILL BE MADE.\n \n \nGalliford Try Plc (\"Galliford Try\") \n \nStatement re Bovis Homes Group Plc (\"Bovis\")\n \n \nThe Board of Galliford Try notes the announcement by Bovis and confirms that it has approached the Board of Bovis and has proposed an all share merger between Galliford Try and Bovis.\n \nThe Board of Galliford Try believes that Galliford Try has a strong future and recently presented its exciting five-year organic growth strategy to the market, which has been well received by investors.\n \nThe directors are confident in and committed to the delivery of this strategy, but believe that it could be enhanced and accelerated by this proposed merger, given its potential to:\n \n· Create a new major housebuilder with national scale and geographic coverage through the combination of the 6th and 8th largest UK housebuilders by completions.\n· Allow Bovis shareholders to share in the strong growth potential of Galliford Try, including benefitting from its leading position in affordable housing and regeneration. \n· Deliver significant synergies through the optimisation of the combined group's operational structures, sourcing and operating practices.\n· Create value for both Galliford Try and Bovis shareholders by delivering material improvement in key operating metrics.\n \nGalliford Try has proposed to Bovis that the equity in the combined group would be split 52.25% to Galliford Try shareholders and 47.75% to Bovis shareholders. On the basis of the share price of Galliford Try at close of business on 10 March 2017 this would value the entire issued equity of Bovis at £1,191m or 886p per share, representing a 7.0% premium to the closing share price of Bovis on the same date.\n \nUnder Galliford Try's propos...