Cala board meets as bid battle starts
Tuesday 13 November 2012
The board of Scottish builder Cala Homes will meet today to consider the opening salvos in a £250m auction of the business.
Cala – which became the first Scottish company to list on the London Stock Exchange 137 years ago – was taken private by management in 1999.
A £280m restructuring of the company's debts in 2009 left Lloyds Banking Group with a 32 per cent stake, although the firm made its first profit since 2007 last year and has appointed Rothschild to handle a sale.
The auction has attracted interest from a succession of private-equity bidders as well as trade buyer Taylor Wimpey in the first round. It is understood that the bids so far are for the whole company, although Cala's prized assets, such as its controversial, 2,000-home Barton Farm development in Winchester could trigger a break-up.
Cala bought the site in the 1990s but has faced fierce local opposition to the development. Communities Secretary Eric Pickles granted approval to the plans in October.
Diving in at the deep end is no excuse for shirking the style stakes
- 2 Loom bands: Bids for dress made from colourful rubber pass £170,000 on eBay
- 3 Why I'm on the brink of burning my Israeli passport
- 4 L'Oreal cuts ties with Belgium supporter Axelle Despiegelaere after hunting trip photographs
- 5 The true Gaza back-story that the Israelis aren’t telling this week
Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
Loom bands: Bids for dress made from colourful rubber pass £170,000 on eBay
Supermoon 2014: When and why will the moon look bigger and brighter this summer?
Tommy Ramone dies: Last surviving founder and drummer seminal punk band The Ramones dies aged 62
Gaza-Israel conflict: The terrible price Palestinian children are paying for Israel’s war with Hamas
Sustained immigration has not harmed Britons' employment, say government advisers
War is war: Why I stand with Israel
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Australia facing international condemnation after turning around Sri Lankans at sea
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
iJobs Money & Business
£70000 per annum: Harrington Starr: Information Security Manager (ISO 27001, A...
£75000 - £85000 per annum + ex bens: Deerfoot IT Resources Limited: Biztalk Te...
£60000 per annum: Harrington Starr: Trade Desk Specialist (FIX, Linux, Windows...
£35000 per annum: Harrington Starr: Service Desk Analyst (Windows, Active Dire...