Crest Nicholson Rejects Bellway's £650 Million Takeover Bid

The UK housebuilder deems the offer insufficient amidst ongoing market challenges and strategic differences.

• Crest Nicholson's board unanimously rejected Bellway's revised all-share proposal, valuing each Crest share at 253p.
• The offer represented an 18.8% premium over Crest's recent share price but was still considered undervalued.
• Crest Nicholson reported a £30.9 million loss in the first half of the year and slashed its dividend by over 80%.
• The UK housing market faces volatility with high mortgage rates and delayed interest rate cuts impacting demand.
• Bellway has until July 11 to decide on making a formal offer, as sector consolidation continues amidst economic challenges.

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