28 May 2019
Galliford Try plc
Statement regarding media speculation
The Board of Galliford Try plc ("Galliford Try" or the "Board") notes the recent media speculation and confirms that it received a preliminary proposal from Bovis Homes Group PLC ("Bovis Homes") to acquire Galliford Try's Linden Homes and Partnerships & Regeneration divisions in exchange for new Bovis Homes shares (the "Bovis Homes Proposal").
The Bovis Homes Proposal envisaged Galliford Try remaining an independent UK-listed group focussed on construction and Galliford Try shareholders receiving new Bovis Homes shares pro rata to their current Galliford Try shareholdings.
The Galliford Try Board carefully considered the Bovis Homes Proposal together with its financial adviser, Rothschild & Co. The Board rejected the Bovis Homes Proposal as it believes it does not fully value the Linden Homes and Partnerships & Regeneration divisions and is not in the interests of all shareholders.
As set out in the Trading Update on 21 May 2019, the Galliford Try Board remains confident in the long-term prospects of the group.
This announcement contains inside information for the purposes of article 7 of EU Regulation 596/2014. The person responsible for making this announcement on behalf of Galliford Try is Kevin Corbett, General Counsel and Company Secretary.
James Macey White, Martin Pengelley, Elizabeth Snow
020 7353 4200
Notes to editors:
1. Galliford Try plc is a leading UK housebuilding, regeneration and construction group. It is listed on the London Stock Exchange and a member of the FTSE 250. Housebuilding - through our Linden Homes business - develops private and affordable homes in prime locations. Galliford Try Partnerships - our regeneration business - delivers mixed-tenure solutions working with housing association, local authority and private sector partners. Operating as Galliford Try and Morrison Construction, our Construction business carries out building and infrastructure with clients in the public, private and regulated sectors. At the end of the last financial year to 30 June 2018, the Group generated revenue of £3.1bn.
2. N. M. Rothschild & Sons Limited ("Rothschild & Co"), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting for Galliford Try and no one else in relation to the matters described in this announcement and will not be responsible to anyone other than Galliford Try for providing the protections afforded to clients of Rothschild & Co nor for providing advice in relation to the matters described in this announcement.
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