UK housebuilder Crest Nicholson rejects £650m Bellway bid
by Jane Croft from on (#6NH1Z)
Company has been under pressure, issuing several profit warnings amid slump in property market
Crest Nicholson, the embattled housebuilder, has rebuffed a second all-share takeover approach from its larger rival Bellway valuing the group at about 650m.
The FTSE 250 housebuilder this week reported losses in the first half and slashed its dividend in its latest profit warning as it continued to be hit by volatile mortgage rates and slowing demand in the housing market.
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