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Bovis shares jump on two takeover offers

Shares in Bovis have jumped 8% after the house builder received two potential takeover offers from rivals. The company said it had turned down the separate approaches from Redrow and Galliford Try, but that talks with the latter continue. Redrow suggested a cash-and-shares deal, while Galliford Try proposed an all-share offer. Kent-based Bovis rejected the offers from both companies, arguing that they undervalued its business. Galliford Try – the UK’s sixth-biggest housebuilder – said its offer was worth 7% more than Bovis’ closing price of 828p on Friday. Bovis shares were trading at 887p on Monday, valuing the company at about £1.2bn.