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Bovis Homes Group PLC (BVS.L)

BVS.L on London Stock Exchange

20 Nov 2017
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-10.00 (-0.89%)
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Latest Key Developments (Source: Significant Developments)

Bovis appoints new CEO, says Galliford bid failed to reflect value of firm
Wednesday, 5 Apr 2017 02:01am EDT 

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..  Full Article

Redrow sees "compelling" value in merger with Bovis after bid was rebuffed
Monday, 13 Mar 2017 03:12am EDT 

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.  Full Article

Galliford Try confirms it approached Bovis and proposed all share merger
Monday, 13 Mar 2017 03:00am EDT 

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.  Full Article

Bovis Homes Group updates on possible offer
Monday, 13 Mar 2017 03:00am EDT 

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.  Full Article

UPDATE 1-UK builder Bovis on track to meet 2017 profit expectations

LONDON, Nov 14 British builder Bovis, which has spurned two bidders this year, said on Tuesday it would meet profit expectations in 2017 as its new boss tries to turn the business around.