LONDON (AFX) - Housebuilder Crest Nicholson PLC said takeover talks with suitor Castle Bidco are ongoing after a regulator gave Castle extra time to make a possible revised bid.
Crest said advanced discussions with Castle are continuing with a view to the latter making a formal 629.7 pence per share offer, which Crest's board said it intends to recommend to shareholders.
Crest has already rejected a 585 p per share offer from Castle, a consortium of HBOS PLC and Scottish financier Sir Tom Hunter.
The Takeover Panel today said it has agreed to extend its 'put up or shut up' deadline to 5 pm on March 7.
Crest said there can be no certainty that an offer will be forthcoming.
'A further announcement will be made as and when appropriate. This announcement has been made with the consent of Castle Bidco,' it said in a statement. philip.waller@thomson.com paw/tc COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited