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stockmarket

Britain's Bovis approaches Galliford on possible merger – Sky


© Reuters. Britain’s Bovis approaches Galliford on possible merger – Sky

(Reuters) – Bovis Homes Group (LON:) has approached Galliford Try (LON:) Plc about a housebuilding tie-up after a previous merger talks broke down, Sky News reported on Saturday.

Bovis Homes and rival Galliford Try kicked off secret talks in the last few weeks about a combination of a large chunk of Galliford’s operations, Sky News said https://news.sky.com/story/bovis-approaches-rival-galliford-try-about-housebuilding-merger-11728118.

Though the prospect of a deal being reached was unclear, Sky News cited a Bovis insider saying that it was unlikely Bovis would be interested in Galliford Try’s troubled construction division, which was responsible for a recent profit warning.

The construction arm could remain listed as a standalone company or be sold to a third party, Sky News reported.

If the companies pursue a full merger, the combined entity could be valued at about 2 billion pounds ($2.5 billion) and a significant chunk of any offer from Bovis for part or all of Galliford Try is likely to be in shares, Sky News said.

Bovis Homes Group and Galliford Try were not immediately available for comment.

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