Jan 12 (Reuters) - Bovis Homes Group Plc ::UK BUILDER BOVIS' CEO TELLS REUTERS FULL-YEAR PRE-TAX PROFIT AFTER ONE-OFF EXCEPTIONAL ITEMS WILL BE AROUND 115 MILLION POUNDS, 2018 PROFIT WILL BE 155 MILLION POUNDS.
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Bovis Homes Group Plc : Board of bovis is pleased to announce appointment of greg fitzgerald as its new chief executive. . Greg fitzgerald is former chief executive and chairman of galliford, where he spent over 30 years of his career. . Notes announcement by galliford this morning withdrawing its merger proposal . Greg fitzgerald's appointment as chief executive will take place with effect from 18 april 2017. . Earl sibley will resume his role as group finance director. . Current sales and reservations are in line with board's expectations and we are making good progress with our priorities for 2017. . Has reviewed merger proposal and concluded that it failed to reflect underlying value of bovis business . In 2017 group is focused on re-setting business and driving operational improvements through cost efficiencies, more effective build processes and improvements in quality. . We aim to replenish our land bank during 2017 and thereafter maintain an underlying 4 year consented land bank. . Accordingly, board has decided to reject proposal as it believes that an independent strategy under leadership of greg fitzgerald will deliver greater value for shareholders . Overall, good progress has been made with our review of our strategy and structure which we announced in february..
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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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Galliford Try: Statement re Bovis Homes Group . Confirms that it has approached board of Bovis and has proposed an all share merger between Galliford Try and Bovis . Proposed to Bovis that equity in combined group would be split 52.25% to Galliford Try shareholders and 47.75% to Bovis shareholders . Offer valued entire issued equity of Bovis at £1,191m or 886p per share . Under proposal, Galliford shareholders would receive interim dividend announced on 21 February 2017 to be paid on 6 April 2017 .Under proposal, Bovis shareholders would receive Bovis recommended final dividend announced on 20 February 2017.
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Bovis Homes Group Plc : Statement regarding possible offer . Recently received written proposals from Redrow Plc and Galliford Try Plc outlining potential merger proposals . Redrow proposed a share and cash transaction for company . Galliford try proposed an all-share transaction for company . Board will continue to consider all strategic alternatives .Discussions with Galliford Try are ongoing.
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