British housebuilder Persimmon today unveiled an improved takeover offer for rival Beazer Group after talks over a £514 million sterling deal.
The cash-and-paper deal was worth £514 million at 08.50 a.m., down from £538 million overnight as Persimmon's share price slipped 4.3 per cent to 245 pence.
The offer escalated a thorough shake-out in the construction industry since the new year, came two days after Bryant Group agreed a takeover by Taylor Woodrow.
Persimmon Chairman Mr Duncan Davidson said he hoped the cash element, increased to 58 per cent from 50 per cent proposed in an indicative offer made last Friday, would be decisive. "We have had very friendly discussions which are ongoing," he said.
An industry source, who expected Beazer to respond later today, said: "Persimmon does not want to go hostile. It wants recommendation."
Persimmon said its offer was final and comprised 109 pence and 0.3086 new Persimmon share for each Beazer share, up from the 92.5 pence and 0.349 new share which was touted last Friday as an 'indicative offer' and led to talks.
Reuters