Bellway’s plan to buy smaller housebuilder Crest Nicholson for £720m-ish in shares was proceeding smoothly as recently as last Thursday, or so we were told. “Good progress has been made on reciprocal due diligence with a number of elements satisfactorily completed by both parties,” purred the two boards in harmony.
Five days later, the bidder has picked up its trowel and scarpered without offering a public explanation. Bellway merely said it won’t be making a firm offer, a surprising U-turn given that it started its pursuit in April and was previously so determined that it made three proposals before landing the desired “minded to recommend” statement from its target a month ago. This was not an adventure undertaken on a whim.
