Bellway abandons £720m takeover deal for rival Crest Nicholson

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Last month, FTSE 250 firm Bellway put forward a £720 million takeover approach to buy its competitor after two previous proposals were rebuffed. Crest Nicholson previously said it was “minded” to accept the deal, but Bellway has now said it will not put forward a firm offer after talks between the companies. On Tuesday, Bellway said “that it does not intend to make a firm offer for Crest Nicholson” but did not explain its reason for dropping its takeover pursuit. In a statement, Bellway added: “As noted in its trading update released on August 9, Bellway remains confident that its robust balance sheet and operational strength, combined with the depth and quality of its land bank, will enable Bellway to deliver volume growth in the years ahead and support ongoing value creation for shareholders.” In response, Crest said it “remains confident in its standalone prospects, in particular given conclusion of the review of provisions for completed development sites supported by external consultants, its highly attractive land portfolio and the new leadership of Martyn Clark”.