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 a......for the full story register now for free or login below...