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Steve Morgan's Redrow takeover bid dropped

Steve Morgan’s bid to take over Redrow - the house builder he founded - has ended without an offer being made.

It has come after seven weeks of negotiations.

The Redrow chairman’s firm Bridgemere Securities announced a possible cash offer of 152 pence per share on August 31, in consortium with Toscafund Asset Management and Penta Capital.

Redrow was trading at 162.5 pence this afternoon.

But a statement to the Stock Exchange this afternoon said:  “Each of Bridgemere, Toscafund and Penta confirms that discussions with Redrow and between themselves in relation to the possible offer have now been terminated and that none of them has a current intention to make an offer for Redrow.

“Each of Bridgemere, Toscafund and Penta reserves the right to acquire Redrow shares, subject to, and in accordance with, the Code and other applicable regulations.” 

Bridgemere holds a 40.4 per cent stake in Redrow. Tosca holds 13.8 per cent.

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