Redrow drops pursuit of Bovis

UK housebuilder Redrow has given up its pursuit of rival Bovis Homes, it announced today.

The company had been competing with Galliford Try in an effort to snap up crisis-hit Bovis, but the company’s board said in a statement today that “it is not in its shareholders’ best interests to increase its proposal” above its previous offer.

According to Taekover Code rules, the company is barred from making a bid for Bovis for at least six months.