Bellway Walks Away From Crest After Making £700 Million Bid (1)

Bellway Plc said it’s decided against pursuing a takeover of Crest Nicholson Holdings Plcjust about a month after making a £700 million ($895 million) bid for the rival UK housebuilder.

The developer does not intend to make a firm offer for the company, according to a statement Tuesday. A deal would have marked one of the UK’s biggest-ever homebuilder acquisitions.

Shares of Crest tumbled as much as 17% in London, the biggest intraday loss since June 2020. Bellway jumped as much as 6.7%.

Read more: UK Builder Bellway Makes £700 Million Takeover Bid for Crest

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