Barratt Developments
BDEV,
has agreed to purchase smaller housebuilder Redrow
RDW,
for two.52 billion kilos ($3.17 billion) in an all-share deal.
Under the settlement accepting shareholders of FTSE 250 listed Redrow will get 1.44 new Barratt shares for every share held. The supply worth is a 27% premium to Redrow’s closing worth of 600 pence on Tuesday.
Upon completion of the deal Redrow shareholders will personal 32.8% of the mixed group with Barratt shareholders proudly owning the remainder.
“The Barratt directors and the Redrow directors believe that the combination will create an exceptional U.K. homebuilder in terms of quality, service and sustainability, delivering excellence and driving innovation for customers, employees, sub-contractors and the supply chain,” the businesses mentioned in a joint assertion.
Write to Ian Walker at ian.walker@wsj.com
Source web site: www.marketwatch.com
