Crest Nicholson Holdings Plc (CRST.L), a British house building company, said on Friday that it rejected a revised acquisition offer on May 14 made by Bellway Plc (BWY.L).
The company stated that the offer significantly undervalued Crest Nicholson and was not in the best interests of its shareholders.
Under the terms of the revised proposal, for each Crest shareholders were to receive 0.093 new shares in Bellway that allows Crest shareholders to own around 17.1 percent of the combined company.
Based on the Bellway share price of 2,718 pence as of June 13, the revised proposal represents an implied value of 253 pence per Crest share, which represents a premium of approximately 18.8 percent to the Crest share price of 213 pence on June 13.
Earlier, Crest had rejected an acquisition offer of 0.089 Bellway new shares for each Crest share.
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