Deadline for Bellway to make firm Crest Nicholson offer extended

The deadline for Bellway’s potential acquisition of Crest Nicholson has been extended, the two companies announced on Thursday, allowing more time for due diligence and negotiation.

Originally set for 8 August, the ‘put-up or shut-up’ (PUSU) deadline had now been pushed to 20 August.

The two housebuilders said the extension, granted by the Takeover Panel, followed significant progress in reciprocal due diligence between the two companies.

Under the proposed all-share offer, Crest Nicholson shareholders would receive 0.099 Bellway shares per Crest Nicholson share, alongside a 4p per share dividend, including a previously-announced 1p interim dividend and a 3p special dividend contingent on the deal’s completion.

Despite the progress, both companies said there was no guarantee a firm offer would be made, even if all pre-conditions are satisfied.

Bellway said it reserved the right to adjust the terms of its offer, including the mix of consideration or the offer value itself, under certain conditions.

A further announcement would be made as the discussions continued.

At 1018 BST, shares in Bellway were down 0.81% at 2,682p, while those in Crest Nicholson Holdings were off 0.55% at 255p.

Reporting by Josh White for Sharecast.com.