Redrow offer period extended by a week
1st October 2012
STEVE Morgan, chairman of quoted housebuilder Redrow, has an extra week to table a formal offer the business.Under takover rules the deadline was today but this has been extended to October 4 following an application by the company.Last month Morgan's investment vehicle Bridgemere Securities proposed a takeover at 152p a share which he said was a 23% premium to the 90-day trading average of 122.7p.Fidelity, the third biggest shareholder with 10.5%, is said to oppose the offer, believing it undervalues the business. It is understood......for the full story register now for free or login below...
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