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Acquisition   Redrow has been rejected

Bovis in talks with Galliford Try after rejecting bids

BovisBritish homebuilder Bovis has rejected a bid approach from rival Galliford Try but remains in negotiations about a possible deal, adding it had also rejected a proposal from another suitor, Redrow.

A tie up between Galliford and Bovis would see the country's sixth- and eighth-biggest housebuilders combine in search of economies of scale in an industry which has reported rising profits in recent years and so far shown little vulnerability to Britain's exit from the European Union.

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READ MORE Redrow steps back from Bovis Homes, Galliford Try may step in

Bovis, which lost its CEO in December following a profit warning, said in February it would slow construction this year and focus on improving the quality of its homes after complaints from some buyers.

"Discussions with Galliford Try are ongoing," a Bovis statement said. It said an initial all-share offer had been rejected, alongside a share and cash bid from Redrow because neither reflected the underlying value of the firm.

Galliford confirmed it was in talks over a possible purchase, saying it had made an offer that would value the entire issued equity of Bovis at 1.19 billion pounds ($1.45 billion), or 886 pence per share.

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