Sir Tom Hunter has finally secured the £715m takeover of Crest Nicholson, it was announced today.
Hunter’s Castle Bidco consortium has agreed to pay 620p a share in cash for the housebuilder, which it first began to pursue late last year.
The 620p a share offer represents an 18.5% premium to Crest Nicholson’s closing share price over the six month period to 9 November, the day the company first announced it had received a possible approach.
The deal is expected to complete on 3 May.
Commenting on the acquisition, John Matthews, chairman of Crest Nicholson, said: ‘The board believes that this deal with Castle Bidco delivers fair value to shareholders. The board believes that Castle Bidco’s support will help Crest Nicholson take further advantage of the significant opportunities for the future growth of its regeneration, mixed use and traditional house building businesses.’