Crest Nicholson rejects takeover bid

Homebuilder Crest Nicholson emerged as a takeover target today after it turned down a bid worth £658.6m (€979m).

The Surrey firm rejected a 585p a share offer from a consortium including Scotland’s richest man Sir Tom Hunter.

Shares in the company immediately soared by more than 6% to 608p to value it at £685 million as investors gambled on a higher offer being made.