Galliford Try up as it rejects Bovis approach for subsidiary

The price of shares in housebuilder Galliford Try (LON:GFRD) has risen by 2.23% to 550.50p (as of 12.30 BST) after it confirmed that it had received a preliminary proposal from FTSE 250 rival Bovis Homes to acquire its Linden Homes and Partnerships & Regeneration arms. In exchange, Galliford Try shareholders would receive new Linden Homes shares.

Management said that they had rejected the offer, since they believed it undervalued the Linden Homes business and was not in the company’s best interests.