Response to Press Speculation
Board received unsolicited all-share acquisition proposal from Avant Homes but declined to engage during Bellway offer period.
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The Board of Crest Nicholson notes the recent press speculation and confirms that it has received unsolicited, preliminary, indicative proposals from Avant Homes ("Avant") regarding a possible all-share combination of Crest Nicholson and Avant.
None of the proposals from Avant involved a possible takeover offer by Avant for Crest Nicholson. The most recent indicative proposal was an all-share acquisition by Crest Nicholson of Avant in consideration for the issue of Crest Nicholson shares to Avant shareholders, whilst retaining the listing of Crest Nicholson on the Main Market of the London Stock Exchange.
The Avant proposal implied Avant shareholders, including its main shareholder, Elliott Investment Management, L.P. (together with its affiliates, "Elliott"), would own approximately 30 per cent. of the enlarged group.
The Board of Crest Nicholson evaluated the Avant proposal with its financial advisers, Barclays and Jefferies, and concluded it was not currently minded to engage in discussions regarding a potential transaction with Avant while in an offer period in relation to a possible all-share offer from Bellway plc ("Bellway"). Accordingly, the Board of Crest Nicholson sent a letter to Avant on 27 June 2024 setting out its decision and explaining its position.
In accordance with Rule 2.6(a) of the Code, Bellway is required, by not later than 5.00 p.m. (London time) on 11 July 2024, being 28 days after 13 June 2024, the date of the announcement made by Bellway publishing details of the Revised Proposal, either to announce a firm intention to make an offer for Crest Nicholson in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer for Crest Nicholson, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can only be extended with the consent of the Panel on Takeovers and Mergers in accordance with Rule 2.6(c) of the Code.
This announcement has been made without the consent of Avant, Elliott or Bellway.
Notice related to financial advisers
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.