UK’s Crest Nicholson rejects takeover proposal from Avant Homes, Sky News reports

July 5 (Reuters) – Crest Nicholson CRST.L has previously 10 days rejected an all-share takeover bid from Elliott Advisors-owned Avant Properties, Sky Information reported on Friday, citing Metropolis sources.

The bid from Avant, run by former Persimmon PSN.L chief Jeff Fairburn, would have seen Elliott turn out to be the largest shareholder within the mixed group, Sky Information mentioned.

One of many sources instructed Sky the mix risked representing an unattractive prospect for some Crest Nicholson shareholders.

The report didn’t say what the provide was price.

Crest Nicholson, Avant and Elliott didn’t instantly reply to Reuters requests for remark.

Avant’s strategy comes weeks after the FTSE midcap housebuilder rejected a 650 million pound ($830.4 million) bid from Bellway BWY.L saying the all-share proposal undervalued the group.

Earlier this 12 months, Barratt BDEV.L, one of many greatest homebuilders in Britain, agreed to purchase Redrow RDW.L in an all-stock deal, whereas Vistry VTYV.L purchased Countryside in 2022.

($1 = 0.7827 kilos)

Reporting by Aby Jose Koilparambil in Bengaluru; Enhancing by Nivedita Bhattacharjee