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Frank Prenesti Sharecast News
15 Mar, 2024 07:50 15 Mar, 2024 08:06

UK's CMA to seek views on Barratt £2.5bn Redrow takeover

barratt developments, housing, house, build, bdev

UK competition regulators on Friday said they were taking an initial look into Barratt's £2.52bn takeover of homebuilding rival Redrow.

Barratt Redrow

416.90p

15:44 22/11/24
3.53%
14.20p

FTSE 100

8,260.10

15:45 22/11/24
n/a
n/a

FTSE 250

20,584.46

15:45 22/11/24
n/a
n/a

FTSE 350

4,551.10

15:45 22/11/24
n/a
n/a

FTSE All-Share

4,506.61

15:45 22/11/24
n/a
n/a

Household Goods & Home Construction

11,292.61

15:44 22/11/24
2.44%
269.45

Redrow

779.00p

16:44 22/08/24
0.00%
0.00p

The Competition and Markets Authority (CMA) said it was seeking initial views on how the deal could impact competition in the UK.

Its invitation to comment closes on April 2 after which it will decide to launch a full investigation.

The two companies last month reached agreed to an all-share offer from Barratt, which would consolidate its position as Britain's largest housebuilder.

Barratt will control the merged group - to be renamed Barratt Redrow - with a 67.2% stake, while Redrow shareholders keep the remaining 32.8%.

Redrow investors will receive 1.44 new Barratt shares for their own stock. The terms also imply a premium of 27.2% to the closing price per Redrow Share of 600p on February 6.

Reporting by Frank Prenesti for Sharecast.com

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