Slaughter and May is acting for Bellway on a possible offer to acquire Crest Nicholson

Slaughter and May is acting for Bellway p.l.c. (“Bellway”) in relation to a possible all-share offer to acquire all of the issued and to be issued share capital of Crest Nicholson Holdings plc (“Crest Nicholson”). The Board of Bellway believes that a combination of Bellway and Crest Nicholson would bring together the strength of each business with complementary brands to reinforce Bellway’s position as a leading UK housebuilder, while enabling Crest Nicholson shareholders to benefit from the scale of the combined business, a reduced risk profile, lower indebtedness and an enhanced landbank to capitalise on the long-term structural growth opportunity in the UK housing market. Under the terms of the possible offer, which has been rejected by the board of Crest Nicholson, based on the Bellway share price on 13 June 2024, Crest Nicholson shareholders would hold 17.1 per cent. of the enlarged group’s issued and to be issued share capital.