Bellway must formally declare its intentions by 11 July. Credit: Sandy Millar via Unsplash.

British homebuilder Crest Nicholson has confirmed the receipt of unsolicited, preliminary, and indicative proposals from Avant Homes Group concerning a potential all-share merger.  

The proposals did not constitute a takeover bid for Crest Nicholson by Avant. 

Related Company Profiles

View all

The latest indicative proposal from Avant suggested an all-share acquisition of Crest Nicholson, resulting in the issuance of new shares to Avant’s shareholders.

It also suggested maintaining Crest Nicholson’s listing on the London Stock Exchange (LSE). 

Under the terms of the proposal, shareholders of Avant, which include Elliott Investment Management and its affiliates, would hold an approximate 30% stake in the combined entity. Elliott is the main shareholder. 

See Also:

Barclays Bank and Jefferies International served as co-exclusive financial advisors to Crest Nicholson. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

After consultation with Barclays and Jefferies, Crest Nicholson’s board determined it was not inclined to pursue discussions with Avant at this time, primarily due to an ongoing offer period related to another possible all-share offer from UK-based homebuilder Bellway.  

Crest Nicholson communicated this decision to Avant on 27 June 2024. 

Meanwhile, on 7 May, Bellway approached Crest Nicholson with a non-binding all-share offer, estimated to be £650m ($834.93m), aiming to acquire its entire issued and to-be-issued share capital.  

Bellway’s board said that merging with Crest Nicholson presents a strong strategic and financial case. 

Aside from anticipated operational synergies and consistent shareholder returns, the deal is expected to offer Bellway benefits such as brand complementarity, enhanced market position as a top UK homebuilder, lower debt levels, and an expanded landbank. 

Crest had rejected the previous takeover proposal from Bellway. 

As per regulatory acquisition rules, Bellway must declare its intention to either proceed with a formal offer for Crest Nicholson or withdraw its interest by 11 July.