Heron launches takeover bid for Crest Nicholson

Heron has launched a takeover bid for Crest Nicholson, valuing the firm at up to £483.7m.

Crest Nicholson confirmed to the Stock Exchange this morning that it has received from Heron "an informal oral expression of interest to acquire those ordinary shares in Crest Nicholson which it does not already own. This expression of interest was very unclear on a number of critical issues including the price of any possible offer, the parties who would make any offer, sources of funding, required due diligence and timetable."

Heron's announcement today notes that an offer, if made, could value each ordinary share at 345p to 430p.

Crest Nicholson said: "The board believes that, even at the top of this range, this would significantly undervalue the company."

Chairman John Matthews said: "For any offer for Crest Nicholson to be recommended by the board, it will need fully to reflect Crest Nicholson's strengths and excellent prospects. Even at the top of this range, this proposal significantly undervalues Crest Nicholson and shareholders are recommended to take no action."