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McCarthy lines up family rebid

FINANCE

ANALYSTS believe that John McCarthy could bid again for McCarthy & Stone after his departure last week as nonexecutive chairman of the retirement house builder.

Mr McCarthy joined forces with his two sons, Spencer and Clinton, who run rival retirement house builder Churchill, for a bid that was withdrawn on July 11 because of the price tag.

Alistair Stewart, construction analyst at Seymour Pierce, said: 'Some people think there will be another bid but the share price has held up well and this just highlights what a good company McCarthy & Stone is.'

McStone's shares are hovering around 500p, which values the firm at £500 million. But some reckon suggest a successful bid would need to pay between 600p and 650p a share.

Clinton McCarthy declined to comment on another bid.

Spencer McCarthy is on holiday but, before departing, he said:

'The family took the view that McCarthy & Stone was overpriced.'

McStone chief executive and deputy chairman Keith Lovelock is taking over as chairman while a replacement is sought.