March 13 Redrow Plc
* The Board of Redrow confirms that Redrow made an initial
approach to the Board of Bovis on 27 February 2017, when Bovis'
share price was at £7.74, and
subsequently made a merger proposal.
* The Proposal consisted of £1.25 per Bovis share in cash
and 1.32 new Redrow shares in exchange for each Bovis share,
representing a value of £6.59 per Bovis share based on the
Redrow share price of £4.99 as at 10 March 2017.
* Bovis shareholders on the register on 24 March 2017 would
remain entitled to receive the final dividend of £0.30 per share
in respect of the period ended 31 December 2016, as announced by
Bovis on 20 February 2017.
* The total value of the Proposal would therefore be £8.14
per Bovis share.
* Redrow continues to believe potential combination with
Bovis offers a compelling opportunity to create a combined
business with scale and operational strength
* The potential combination would offer a balanced
geographic mix of revenue, including a complementary current
land bank and forward land bank mix.
* There can be no certainty that any offer will ultimately
be made for Bovis
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(Reporting By Pamela Barbaglia)