Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to the newest version of your browser.

Your browser appears to have cookies disabled. For the best experience of Construction News, please enable cookies in your browser.

Welcome to the Construction News site. As we have relaunched, you will have to sign in once now and agree for us to use cookies, so you won't need to log in each time you visit our site.
Learn more

Tony Pidgley jnr withdraws offer

THE SON of Berkeley chairman Tony Pidgley capped a dramatic three days when he announced on Tuesday he was no longer interested in making a shock bid for the business founded by his father.

On Monday Tony K Pidgley said he was considering making an offer to take the house builder, which is valued at £920 million, private.

But in a Stock Exchange statement the next day, he said: 'It was my intention to approach the management of Berkeley with a proposal to take the company private.

'Recent press reports required me to confirm my interest earlier than I had intended.

'I have now spoken to the management of Berkeley, who have stated that this is not something that they wish to pursue.'

He added he had spent several months working on the bid.

Just 24 hours earlier, Tony Pidgley senior, who founded Berkeley in 1976, admitted: 'I haven't got a clue what it's all about. The first I knew about it was when I read the statement.

'We've had no formal approach. When he approaches us, we'll respond to that.'

The news comes after weeks of rumours that Mr Pidgley senior and the Berkeley management wanted to take the business private.

Along with many quoted house builders, Berkeley has produced consistent results from a buoyant housing market but the shares remain at a similar level to 1997.

Mr Pidgley junior started up his own house building business, Thirlstone, which he sold to Berkeley in August 1998 for £15 million and a place on the company's board. He left the firm in 2001.