{"id":62907,"date":"2019-09-10T09:50:23","date_gmt":"2019-09-10T08:50:23","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=62907"},"modified":"2019-09-10T09:50:23","modified_gmt":"2019-09-10T08:50:23","slug":"galliford-try-businesses","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/hr-skills-news\/galliford-try-businesses\/62907\/","title":{"rendered":"Galliford Try and Bovis to combine housebuilding businesses"},"content":{"rendered":"

Galliford Try plc<\/a> has announced it has reached a preliminary agreement on high-level terms to combine its Linden Homes<\/a> and Galliford Try Partnerships businesses with Bovis Homes plc<\/a><\/h2>\n

The proposed Bovis consideration<\/a> is valued to be worth \u00a31.075bn, with a cash element of \u00a3300m and a further transfer of a \u00a3100m private debt placing to Bovis. The remainder of the offer is a \u00a3675m share issue of new Bovis shares to existing Galliford Try shareholders on a pro-rata basis.<\/p>\n

These steps combine to give the standalone Galliford Try plc a well-capitalised construction group, which together with the recent restructure and focus on its core operations, see the business in a strong position for the future.<\/p>\n

The combination of Linden Homes and Galliford Try Partnerships with Bovis will create a business with an enviable position in the housebuilding sector, with extensive geographic coverage and strengthened housebuilding and partnerships operating platform.<\/p>\n

When finalised, the proposal will be taken forward for the approval of both sets of shareholders, with a view, if approved, to completing the transaction in the coming months.<\/p>\n

Graham Prothero, chief executive of Galliford Try plc, commented: \u201cThe transaction is an exciting opportunity to create two strategically focused businesses. The significant cash element within the consideration provides a firm foundation for our newly reorganised Construction business to flourish as an independent company.<\/p>\n

\u201cThe strong balance sheet and excellent fit between the combining businesses will be a superb platform for both private housebuilding and partnerships, creating a unique and well-positioned housing provider.<\/p>\n

\u201cMuch remains to be done before we can present all the details to our shareholders and wider stakeholders. However, if completed, this deal will generate significant value for shareholders and a bright future for all three of our businesses.\u201d<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

Galliford Try plc has announced it has reached preliminary agreement on high-level terms to combine its Linden Homes and Galliford Try Partnerships businesses with Bovis Homes plc.<\/p>\n","protected":false},"author":20,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[285],"tags":[676,283,1006,572,656,661,592],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":["post-62907","post","type-post","status-publish","format-standard","category-hr-skills-news","tag-construction","tag-finance","tag-galliford-try","tag-housebuilding","tag-housing","tag-hr","tag-skills"],"acf":[],"yoast_head":"\nGalliford Try and Bovis to combine housebuilding businesses<\/title>\n<meta name=\"description\" content=\"Galliford Try has announced it has reached preliminary agreement on high-level terms to combine its Linden Homes and Galliford 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