Redrow has scrapped plans to launch a takeover bid for Bovis Homes.

In an announcement today, 28 March, the house builder said it is "not in its shareholders' best interests" to improve upon a previously rejecter merger offer

The move leaves Galliford Try in the driving seat to takeover the business, which values Bovis at £1,191m or 886p per share, which would see Galliford Try take a 52.25% stake in the company.

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Redrow said: "it is not in its shareholders' best interests to increase its proposal to Bovis above the level which was rejected by the Board of Bovis. Given this, Redrow confirms that it does not intend to make an offer for Bovis.

"Redrow will instead continue to focus on its highly successful organic growth strategy that has delivered approximately 55% compound annual growth in pre-tax profits from financial years 2012 to 2016."

(LM/MH)