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Redrow extends takeover deadline for two more weeks

Redrow’s chairman Steve Morgan is understood to have made an expression of interest in purchasing the housebuilding firm at 152 pence per share.

The bid, made by Morgan’s firm Bridgemere Securities, in consortium with Toscafund Asset Management and Penta Capital, was made in August.

The deadline for the consortium to make a firm offer had already been extended by a week, and is now to be extended by a further fortnight on Redrow’s request.

A source close to the deal told CN that a bid had been expected on the day of the first deadline.

Mr Morgan, chairman of Redrow, controls Bridgemere, which holds a 40.4 per cent stake in Redrow. Tosca holds 13.8 per cent.

The consortium now has until 5.00pm on 4 October 2012 to announce a firm intention to bid for Redrow.

Share prices for the firm were at 159.60p, up 0.3p from the day opening and from 155.5p on the day of the initial deadline for the bid.

 

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