Last month the board of Crest Nicholson tentatively accepted Bellway’s proposed £720m takeover offer pending due diligence investigations on both sides. At the time Bellway had a deadline, under city takeover rules, of 8th August to make a firm offer or go away – put up or shut up (the PUSU deadline).
Both parties report good progress on reciprocal due diligence with a number of elements agreed to. However, at the request of Crest Nicholson, the Panel on Takeovers & Mergers has granted an extension to the PUSU deadline to 5pm on 20th August 2024 so that due diligence and the negotiation of transaction documentation can be completed.
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