Crest Nicholson 'not currently minded' to engage with Avant Homes after merger proposal

Crest Nicholson said on Friday that it had received "unsolicited, preliminary, indicative proposals" from Avant Homes about a potential all-share combination but that it was "not currently minded" to engage in discussions with the rival housebuilder.

Responding to earlier press speculation, Crest Nicholson said it did not want to enter talks "while in an offer period in relation to a possible all-share offer from Bellway".

Crest announced last month that it had rejected a £650m takeover proposal from Bellway. Under takeover rules, the latter has until 1700 BST on 11 July to either announce a firm intention to make an offer or walk away.

The housebuilder said at the time that the revised offer from Bellway "significantly undervalued" the group and its future standalone prospects and was not in the best interests of shareholders.

At 1550 BST, Crest Nicholson shares were up 3.4% at 252.94p, having risen to as high 272.40p earlier after a Sky News report.