UK housebuilder Crest Nicholson Holdings plc (LSE:CRST) said it has received a revised unsolicited takeover proposal from local peer Bellway p.l.c. (LSE:BWY), which values it at some GBP 700 million (USD 895.9 million /EUR 828.5 million). The move comes after the takeover target turned down Bellway's previous GBP-650-million offer in June, as well as a rival offer from Avant Homes, which would have given Avant's main shareholder, Elliott Investment Management a 30% stake in the combined firm. Bellway's latest all-share offer has an implied value of 273 pence per Crest Nicholson share, reflecting a premium of 28.3% over Bellway's closing share price on June 13, the day before the start of the offer period.

Under its terms, Crest Nicholson shareholders would receive 0.099 shares new ordinary shares and a dividend of four pence per Crest Nicholson share. As a result, Crest Nicholson's shareholders would take an 18% stake in the enlarged entity, according to the statement. Crest Nicholson said it board would be "minded" to recommend the latest proposal to the company's shareholders.

Under the UK takeover rules, Bellway has until August 8 to make a firm offer or walk away.