Linklaters wins Bovis Homes mandate as Galliford Try abandons bid

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Linklaters has defended house builder Bovis on a potential takeover offer by Galliford Try, winning the mandate over regular adviser Freshfields Bruckhaus Deringer.

The team advising Bovis was led by Linklaters corporate partners Nick Garland and Iain Fenn.

Bovis lists Freshfields as its longstanding adviser but the magic circle firm is not understood to have played a role in negotiations.

Bidder Galliford Try was represented by CMS Cameron McKenna head of equity capital markets Gary Green and corporate partner James Parkes. Any takeover would have created a combined house builder valued at £2.5bn.

CMS was appointed on Galliford Try’s construction panel in 2015 after a review of its external legal providers, increasing the number of firms it uses to 10.

The firm has previously acted on major mandates for the company including its £108m takeover of Linden Homes in 2007.

Galliford Try was not the only bidder for Bovis, with Redrow also abandoning plans to acquire the company. Linklaters’ regular client Redrow turned to Slaughter and May corporate partner Martin Hattrell.

Galliford Try announced yesterday it was walking away from its pursuit after Bovis Homes appointed Galliford boss Greg Fitzgerald as chief executive.

Redrow similarly walked away the week before after declining to increase its initial bid. A deadline of April 9th has been set for any further bids.

The post Linklaters wins Bovis Homes mandate as Galliford Try abandons bid appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.



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