Troubled house builder Bovis Homes has revealed it rejected two separate buyout approaches from rivals Redrow and Galliford Try. The company said in a statement that the offers were “unacceptable” because they would have left its lenders with no equity to support their loans. The FTSE 250 firm is without a chief executive at present and is led by chairman Ian Tyler. However, talks with Galliford Try are ongoing. At the close of last week, Bovis shares were £8.28 ($10.05), with the firm valued around £1.1bn. Bovis recently revealed it has set aside £7m to compensate customers whose houses were unfinished or had plumbing or electrical defects.
Troubled house builder Bovis Homes has revealed it rejected two separate buyout approaches from rivals Redrow and Galliford Try. The company said in a statement that the offers were “unacceptable” because they would have left its lenders with no equity to support their loans. However, talks with Galliford Try are ongoing. At the close of last week, Bovis shares were £8.28 ($10.05), with the firm valued around £1.1bn. Bovis recently revealed it has set aside £7m to compensate customers whose houses were unfinished or had plumbing or electrical defects.