Bovis takes 2.8 million-pound hit from failed merger talks
Reuters
Published May 02, 2017 07:24
Bovis takes 2.8 million-pound hit from failed merger talks
LONDON (Reuters) - British housebuilder Bovis (L:BVS), which was subject to two failed buyout bids earlier this year, said it would take a 2.8 million-pound hit from the talks and a review conducted in February after the firm warned on profits.
Bovis, which said sales so far this year are in line with reduced building expectations, warned on profits at the end of 2016 after it failed to build enough homes, prompting its chief executive to quit.
In April, British housebuilder Galliford Try (L:GFRD) pulled out of a 1.2 billion pound attempt to buy Bovis (L:BVS) after the two failed to agree on price, a week after another potential suitor Redrow (L:RDW) also pulled out.
"The group will incur one-off advisory fees of around 2.8 million pounds related to the merger proposals... and the group's strategic review announced in February," the firm said.
Bovis has hired former Galliford chief Greg Fitzgerald and shareholders will vote on his pay during Tuesday's annual general meeting.
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Written By: Reuters
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