(Alliance News) - Crest Nicholson Holdings PLC has attracted fresh takeover interest after rejecting a possible offer from rival housebuilder Bellway PLC, as the housing sector was boosted by a Labour election victory.

The Surrey-based company is understood to have been approached by Avant Homes last month.

As first reported by Sky News, Avant made an all-share proposal to Crest to combine the two housebuilders, but the offer was rejected by its board.

Avant – an affordable housebuilder focused on the Midlands, the North of England, and Scotland – is backed by US investment firm Elliott Advisors.

Elliott came to the fore earlier this year when it swooped in with multiple proposed offers to buy British electricals firm Currys PLC, all of which were rejected by the retailer.

Crest Nicholson last month said it had rejected a string of offers from competitor Bellway, including one worth GBP650 million.

The housebuilder said it felt the offers undervalued it and its future prospects.

Avant's proposal is understood to represent a 20% premium to Bellway's 253p per share offer, as the firm jostles to put a more attractive offer on the table.

Crest did not comment on the latest takeover reports.

https://news.sky.com/story/elliott-backed-avant-tables-rival-takeover-bid-for-crest-nicholson-13173435

Shares in the company were 5.0% higher at 256.80 pence each in London on Friday afternoon.

source: PA

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