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Galliford Try to combine housebuilding businesses with Bovis

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Christian Fernsby |
Galliford Try
Britain   Galliford Try

Galliford Try plc has announced it has reached preliminary agreement on high-level terms to combine its Linden Homes and Galliford Try Partnerships businesses with Bovis Homes plc.

Topics: Galliford Try Bovis

The proposed Bovis consideration is valued to be worth £1.075bn, with a cash element of £300m and a further transfer of a £100m private debt placing to Bovis. The remainder of the offer is a £675m share issue of new Bovis shares to existing Galliford Try shareholders on a pro rata basis.

These steps combine to give the standalone Galliford Try plc a well-capitalised construction group, which together with the recent restructure and focus on its core operations, see the business in a strong position for the future.

The combination of Linden Homes and Galliford Try Partnerships with Bovis will create a business with an enviable position in the housebuilding sector, with extensive geographic coverage and a strengthened housebuilding and partnerships operating platform.

When finalised, the proposal will be taken forward for the approval of both sets of shareholders, with a view, if approved, to completing the transaction in the coming months.


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