Morgan ditches Redrow takeover bid
STEVE Morgan, founder and 40% shareholder of housebuilder Redrow has pulled out of a takeover deal.
In a brief statement to the stockmarket, Mr Morgan’s Bridgemere Securities said it and partners Toscafund Asset Management and Penta Capital had decided not to follow up on a cash 152p per share approach.
“Each of Bridgemere, Toscafund and Penta confirms that discussions with Redrow and between themselves in relation to the possible offer have now been terminated and that none of them has a current intention to make an offer for Redrow.”
Liverpool-born Mr Morgan, 59, who owns Championship football club Wolverhampton Wanderers left Redrow in 2000 and returned as chairman in 2010.
It appears the deal has been dashed on a question of price, with some Redrow investors looking for an offer in the region of 220p per share.
