DLA Piper advises on £715m Crest Nicholson bid

DLA Piper client Castle Bidco has agreed a £715m offer for property developer Crest Nicholson after the Takeover Panel extended its offer deadline to today.

Crest Nicholson, advised by longstanding counsel Linklaters, has confirmed that it will accept an offer at 629.7 pence per share, unanimously accepted by Crest Nicholson’s board. It had previously rejected Castle Bidco’s offer of 585 pence per share. Today’s deal has been structured as a scheme of arrangement.

The Takeover Panel had issued a “put up or shut up” notice to Castle Bidco in February, giving it until yesterday (7 March) to make a formal offer for Crest Nicholson. But that deadline was yesterday extended by 24 hours.

Corporate partner Mark Stamp led the team at Linklaters with help from associate Tom Jaggers, while at DLA Piper corporate partner Jonathan Watkins and banking partner Simon Woolley led for Castle Bidco.

Castle Bidco is the consortium comprising HBOS and financier Sir Tom Hunter. The Bank of Scotland arranged and underwrote the debt, with Rothschild as the financial adviser.

Ashurst‘s head of corporate Adrian Clark advised Rothschild on the deal. Dresdner Kleinwort did not instruct separate counsel.