Housebuilder Crest Nicholson said today that a £650 million bid from larger rival Bellway “significantly undervalues” the FTSE 250 firm, as it said it planned to forge its own path instead of being taken over.
Bellway revealed yesterday - after Crest Nicholson shares tumbled on the back of disappointing results - that it had made a bid for Crest last month, which was rejected. Under the bid, Bellway would pay 0.094 of its own shares for every Crest share. Crest shareholders would own 17.1% of the combined business.
