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Builder Bovis' shares jump 8 percent on Galliford Try talks

Published 13/03/2017, 08:52
© Reuters. Builder Bovis' shares jump 8 percent on Galliford Try talks

LONDON (Reuters) - Shares in British homebuilder Bovis (L:BVS) jumped around 8 percent on Monday after it said it was in talks with rival Galliford Try (L:GFRD) about a possible takeover.

Bovis shares hit their highest level since September as they rose to as high as 911.5 pence and were trading at 893 pence at 0838 GMT, valuing the company at about 1.2 billion pounds ($1.47 billion). Galliford Try shares edged up 0.2 percent.

Bovis said on Sunday it had rejected a bid approach from Galliford Try but remained in talks about a possible deal. It also said had also rejected a proposal from another suitor, Redrow (L:RDW).

A tie up between Galliford and Bovis would see Britain's sixth- and eighth-biggest housebuilders combine in search of economies of scale in an industry which has reported rising profits in recent years and so far shown little vulnerability to Britain's exit from the European Union.

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