UK Housebuilders Agree on Proposed Deal Extension
- Crest Nicholson and Bellway receive approval to extend takeover deadline
- New deadline set for August 20th
- Bellway’s revised proposal: 0.099 shares and a 4 pence dividend per Crest Nicholson share
Crest Nicholson and Bellway have received approval from the U.K.’s Panel on Takeovers and Mergers to extend the PUSU deadline for their takeover proposal from August 8th to August 20th. This extension allows both companies to complete due diligence and negotiate definitive transaction documentation. On July 10th, Bellway proposed acquiring Crest Nicholson for £701.4 million ($890.3 million), offering 0.099 Bellway shares and a 4 pence dividend per share. According to Rule 2.6(c) of the takeover code, Bellway must announce its intentions by August 20th or state it has no plans to make an offer for Crest Nicholson. The companies may request further extension with Takeover Panel’s consent.
Factuality Level: 10
Factuality Justification: The article provides accurate and objective information about the extension of the deadline for a takeover proposal between Crest Nicholson and Bellway, including details on the revised offer and the conditions involved.
Noise Level: 2
Noise Justification: The article provides relevant information about a business event (a takeover proposal) and its extension of deadline, with no irrelevant or misleading content. It also includes specific details about the offer and potential outcomes. However, it lacks analysis, long-term trends, accountability, scientific rigor, intellectual honesty, staying on topic, evidence, data, examples, actionable insights, and solutions.
Public Companies: Crest Nicholson (CRST), Bellway (BWY)
Key People: Anthony O. Goriainoff (Author)
Financial Relevance: Yes
Financial Markets Impacted: Housebuilding industry in the U.K.
Financial Rating Justification: The article discusses a takeover proposal between two housebuilders, Crest Nicholson and Bellway, which impacts their respective share prices and could potentially affect the overall housebuilding industry in the U.K., making it financially relevant.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme event mentioned in the text.
Deal Size: 890000000
Move Size: No market move size mentioned.
Sector: All
Direction: Up
Magnitude: Large
Affected Instruments: Stocks
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