LONDON, March 28 British housebuilder Redrow
said on Tuesday it did not intend to make an offer to
buy fellow builder Bovis just over two weeks after its
approach was rejected as too low.
Bovis, whose CEO quit in January following a profit warning
resulting from a failure to build enough homes on time, has been
subject to takeover speculation since a major shareholder wrote
to another builder suggesting a tie-up earlier this year.
"The Board of Redrow has determined that it is not in its
shareholders' best interests to increase its proposal to Bovis
above the level which was rejected by the Board of Bovis," the
firm said in a statement.
"Given this, Redrow confirms that it does not intend to make
an offer for Bovis."
Redrow's withdrawal leaves a bid on the table from Galliford
Try which was also rejected by Bovis although the firms
are still carrying out discussions.
(Reporting by Costas Pitas; editing by Kate Holton)