Investors overwhelmingly approve 拢1.1bn sale of Linden Homes and Partnerships operation
Galliford Try shareholders have almost unanimously approved plans to sell the group鈥檚 Linden Homes and Partnerships businesses to housebuilder Bovis.
The 拢1.1bn deal was put to Galliford Try investors in a special vote today and was approved by 99.29% of the 78.3 million votes cast.
Shares in Galliford Try had dipped by 1% to 741p in afternoon trading.
Earlier this month, the companies announced they had agreed to a cash and shares deal which will see Galliford Try shareholders offered a 拢675m stake in Bovis, plus 拢300m in cash and a 拢100m debt swap.
The positive vote paves the way for Galliford Try to raise 拢675m by issuing new shares.
Bovis investors have yet to vote on the proposed acquisition, which if approved will create a top five housebuilder in the UK.
Once it has been given the nod by Bovis investors, the acquisition is expected to complete on 3 January.
Bovis is headed up by former Galliford Try boss Greg Fitzgerald, who took an unsuccessful tilt at his former employer back in May with a deal worth 拢950m and the absorption of 拢100m of debt.
Two years ago, Galliford Try had tried to buy a then-beleaguered Bovis for 拢1.2bn, but that approach was rejected.
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