Housebuilder Crest Nicholson reveals rebuffed £655m takeover because price was too low 

British homebuilder said it rejected a takeover bid from rival Bellway that 'fundamentally undervalued Crest Nicholson and its future prospects'

The past year has been turbulent for Britain's house developers as higher interest rates deterred buyers, increased their cost of capital and depressed their share prices.

British homebuilder Crest Nicholson said it rejected a takeover bid from rival Bellway last month because the offer price was inadequate.

The all-share proposal at an implied 253 pence apiece, valuing Crest Nicholson at about £650m (€773m),  represents a premium of almost 19% over Thursday’s closing price. This followed an earlier approach that “fundamentally undervalued Crest Nicholson and its future prospects”, the company said in a statement on Friday.