In view of the recent press speculation and the announcement by Galliford Try plc (“Galliford Try”), Bovis Homes confirms that following an initial proposal, some preliminary discussions and the receipt of some high-level financial information from Galliford Try, Bovis Homes submitted a revised proposal (subject to detailed due diligence) on 8 May 2019 regarding the potential combination of Bovis Homes and Galliford Try's Linden Homes and Partnerships & Regeneration businesses (the “Housing Businesses”) for consideration of £950m together with the assumption of Galliford Try's 10-year debt private placement of £100m, with the consideration to be satisfied via the issuance of new Bovis Homes shares directly to Galliford Try shareholders (the “Bovis Homes Proposal”).
The potential combination relates solely to a combination with the Housing Businesses and does not relate to a merger with Galliford Try itself. The potential combination envisages Galliford Try remaining a UK listed construction focused group owned entirely by Galliford Try shareholders.
Galliford Try rejected the Bovis Homes Proposal on 24 May 2019 as Galliford Try did not believe that the proposal fully reflected the value of the Housing Businesses and the need to ensure that the remaining Galliford Try UK listed construction focused group had a viable capital structure.
Bovis Homes and Galliford Try are no longer in discussions.