Founder closes the door on taking Redrow private
Redrow's founder Steve Morgan has appeared to rule out another attempt to take the housebuilder private after the Takeover Panel thwarted a £610m attempt last autumn.
The Wolverhampton Wanderers owner's bid to claim control in tandem with Toscafund and Penta Capital – together representing 57 per cent of the shares – was blocked amid concerns over the interests of smaller investors.
Since the original approach – pitched at 152p and then improved to 165p – Redrow's stock has soared along with the rest of the sector as the Bank of England's Funding for Lending scheme helps mortgage seekers. The shares dropped 6.9p to 188.9p but still stand well above the offer price at 190.15p.
Mr Morgan said: "We are in a different time now – the stock has been substantially re-rated. We'd gone through 12 months when we were trading at a discount to net-asset value and now we are at a premium. The times have a'changed."
Pre-tax profits for the six months to 31 December were up 50 per cent to £23m, ahead of City forecasts. The company is also pumping money into its burgeoning London business, which has 700 plots with a development value of £450m.
Notes from a small island: Is Sealand an independent 'micronation' or an illegal fortress?
World news in pictures
You thought Ryanair's attendants had it bad? Wait 'til you hear about their pilots
David Cameron goes to war with press over 'swivel-eyed loons' slur
Revealed: Eerie new images show forgotten French apartment that was abandoned at the outbreak of World War II and left untouched for 70 years
- 1 Heading for America? Prepare for the longest US immigration queues ever
- 2 Boxing: Carl Froch slams fellow Brits for sparring with Mikkel Kessler
- 3 You thought Ryanair's attendants had it bad? Wait 'til you hear about their pilots
- 4 David Cameron goes to war with press over 'swivel-eyed loons' slur
- 5 It’s official: thanks to Stephen Hawking's Israel boycott, anti-Semitism is no more
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Win anything from gadgets to five-star holidays on our competitions and offers page.
iJobs Money & Business
£550 - £600 per day: Orgtel: Fidessa Analyst / PM - Banking - London - Up to £...
£450 - £500 per day: Orgtel: Sourcing Manager - Banking - London - Up to £500p...
To be discussed at interview.: Queen Elizabeth's School: An experienced and ef...
£294.05 - £330.92 per day + 150 per day travel and accommodation: Orgtel: A le...