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Redrow abandons pursuit of Bovis Homes

Redrow has pulled out of the race to take over Bovis Homes, potentially leaving the path clear for Galliford Try. 

In a stock market filing today, Redrow said it had decided against a formal offer for the Kent-based housebuilding giant, as such a move was not in its shareholders’ interests.

Redrow moved for Bovis earlier this month, but had its approach rejected.

Redrow said it would continue to focus on its “organic growth strategy”.

Bovis also rejected an all-share takeover bid from Galliford Try earlier this month, but said at the time that the pair were continuing talks. 

A potential merger between Bovis, the UK’s eighth biggest housebuilder by revenue, and Galliford Try, the sixth largest, would put the new company in the country’s top five housebuilders by revenue.

Bovis chief executive David Ritchie quit the company in January, following a surprise profit warning.

Galliford Try has until 9 April to make a formal offer for Bovis or withdraw from its pursuit.

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