LONDON, March 28 (Reuters) - 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)