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FT Opening Quote: Galliford Try in merger talks with Bovis

Summary:
Galliford Try in merger talks with Bovis, HSBC appoints Mark Tucker and PIK Group delists from the LSE. FT Opening Quote, with commentary by Matthew Vincent, is your early Square Mile briefing. You can sign up for the full newsletter here. Builders aren’t allowed to work on Sundays, are they? No-one seems to have told the board of Bovis Homes, which has now clocked on for another Sunday’s worth of responding to press speculation. Press speculation that turns out to be uncannily accurate.Back in January, it was on with the hard hats and high-vis to deal with a Sunday Times story about shareholder Andy Brough of Schroders trying to set up all share merger with Berkeley Homes. Yesterday, it was time to admit that it had received merger proposals from Redrow and Galliford Try, and the latter was still in with a chance.Bovis said on Sunday that it had turned down an initial offer from Galliford Try but remained in discussions with the FTSE 250 housebuilding and construction group about a revised deal. A combination of the two groups would create a top-five UK housebuilder with a market value of about £2.5bn and output of more than 6,700 homes a year.This morning, Galliford Try spelt out the terms of its approach: equity in a combined group would be split 52.25 per cent to Galliford Try shareholders and 47.75 per cent to Bovis shareholders.

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Galliford Try in merger talks with Bovis, HSBC appoints Mark Tucker and PIK Group delists from...

Siona Jenkins
Former Cairene; FT Middle east news editor. Views my own.

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