Morgan calls off Redrow takeover talks

19 October 2012 10:33 Comments (0)

Redrow founder and chairman Steve Morgan has withdrawn a cash offer to buy the listed house builder and take it private.

The formal approach was made in August through Morgan's Bridgemere Securities along with Toscafund Asset Management and Penta Capital.

Redrow said in a statement on Thursday: "Each of Bridgemere, Toscafund and Penta confirms that discussions with Redrow and between themselves in relation to the possible offer have now been terminated and that none of them has a current intention to make an offer for Redrow."

The all-cash offer was made at 152p a share, the same price they were trading at this morning, after falling 10p from last night's close of 162p.

Bridgemere holds 40.4% of Redrow shares and Toscafund Asset Management LLP has 13.8%.

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