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Bovis Homes has confirmed that it has rebuffed two bids for the company, arguing that 鈥渘either reflected the underlying value of the business鈥�.

The housebuilder said today that Redrow and Galliford Try had made cash-and-shares and all-share offers respectively for the company.

It rejected outright the Redrow offer, which proposed 拢1.25 per Bovis share in cash and 1.32 new Redrow shares in exchange for each Bovis share, equating to 拢6.59 per Bovis share based on the Redrow share price of 拢4.99 on 10 March 2017.

However Bovis said that discussions with Galliford Try, whose all-share merger valued its target at a 7% premium to the former鈥檚 share price at the end of last week, were 鈥渙ngoing鈥�.

Galliford Try said among the advantages its proposed offer for Bovis shareholders would be the creation of a new major housebuilder 鈥渨ith national scale and geographic coverage through the combination of the 6^th and 8^th largest UK housebuilders by completions鈥�.

Under Stock Exchange rules it has until 9 April to make a firm offer or 鈥榳alk away鈥�.

Redrow argued that the potential combination 鈥渨ould offer a balanced geographic mix of revenue, including a complementary current land bank and forward land bank mix鈥�.

Last month Bovis announced a 3% fall in annual pre-tax profits, down to 拢154.7m on turnover of 拢1,055m.

It also revealed it was making what it called a 鈥渙ne-off 拢7m customer care provision鈥� after a high level of customer service issues, including buyers moving into newly built homes that suffered from problems including electrical and plumbing faults.

The group is still looking for a chief executive after the departure of David Ritchie in January.