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05/04/2017
Galliford Try Scraps Bovis Homes Merger Plans
Galliford Try has confirmed it is no longer considering a merger proposal with Bovis Homes.
In a statement today, 05 April, the company revealed it was pulling out of talks as "it is not possible to secure the support of the Board of Bovis on terms that represent the best interests of Galliford Try shareholders".
The news comes as Bovis Homes announced former Galliford Try Chairman, Greg Fitzgerald, will become the new Chief Executive of Bovis from 18 April.
Bovis said it rejected merger proposals by Galliford Try as it believes "an independent strategy under the leadership of Greg Fitzgerald will deliver greater value for shareholders".
Mr Fitzgerald previously spent over 30 years of his career at Galliford Try, overseeing the company's transformation, increasing the scale of the housebuilding business and improving profitability.
He is also a former non-executive Director of the NHBC and is currently non-executive Chairman at Ardent Hire Solutions and Baker Estates Limited.
Ian Tyler, non-executive Chairman, said: "We are delighted that Greg has agreed to be our new Chief Executive. He brings a wealth of housebuilding experience and I am confident he will rapidly drive performance across the Bovis business."
Speaking on his new role, Mr Fitzgerald said: "Bovis has a great brand, excellent people and a high quality land bank. I very much look forward to working with the management team to restore Bovis' position as a leading housebuilder and deliver significantly improved returns to shareholders."
(LM/CD)
In a statement today, 05 April, the company revealed it was pulling out of talks as "it is not possible to secure the support of the Board of Bovis on terms that represent the best interests of Galliford Try shareholders".
The news comes as Bovis Homes announced former Galliford Try Chairman, Greg Fitzgerald, will become the new Chief Executive of Bovis from 18 April.
Bovis said it rejected merger proposals by Galliford Try as it believes "an independent strategy under the leadership of Greg Fitzgerald will deliver greater value for shareholders".
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Mr Fitzgerald previously spent over 30 years of his career at Galliford Try, overseeing the company's transformation, increasing the scale of the housebuilding business and improving profitability.
He is also a former non-executive Director of the NHBC and is currently non-executive Chairman at Ardent Hire Solutions and Baker Estates Limited.
Ian Tyler, non-executive Chairman, said: "We are delighted that Greg has agreed to be our new Chief Executive. He brings a wealth of housebuilding experience and I am confident he will rapidly drive performance across the Bovis business."
Speaking on his new role, Mr Fitzgerald said: "Bovis has a great brand, excellent people and a high quality land bank. I very much look forward to working with the management team to restore Bovis' position as a leading housebuilder and deliver significantly improved returns to shareholders."
(LM/CD)
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