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Housebuilder Abbey Agrees to GBP329 Million Takeover By Gallagher

Thu, 10th Dec 2020 16:16

(Alliance News) - Abbey PLC said Thursday it has agreed to a cash takeover offer from its largest shareholder that values the housebuilder and plant hire firm at GBP328.8 million.

Gallagher Holdings Ltd, owned by the Gallagher family, already owns 93.6% of Potters Bar, Hertfordshire-based Abbey, so the offer of GBP15.75 per share applies to the remaining 4.4%, giving it a value of GBP14.4 million.

Abbey shares were down 1.9% on Thursday at GBP15.20. The AIM-listed stock is up 26% so far this year.

Abbey also said Thursday it made pretax profit of EUR26.0 million in the half year to October 31, up 20% from EUR21.6 million a year before. The housebuilding division completed 291 sales - 237 in the UK, 36 in Ireland and 18 in the Czech Republic - generating turnover of EUR105.5 million. M&J Engineers, the UK plant hire business, had turnover of EUR7.6 million.

It declared no interim dividend.

By Tom Waite; thomaslwaite@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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