With shareholder approval now formally secured, the takeover of Redrow by rival house-builder Barratt Developments is expected to complete later this year.
At separate meetings yesterday (15th May), Barratt shareholders voted 99.82% in favour of the deal and Redrow’s by an even more overwhelming 99.92%.
Under the terms of the deal agreed by the boards of the two companies in February, Barratt shareholders will get 67.2% of the combined group and Redrow shareholders will get 32.8%. The deal prices Redrow at £2,524m.
As previously reported, the combined group will be renamed Barratt Redrow plc, with aggregate revenue in financial year 2013 of £7,448m, delivering total completions of 22,642. Redrow will become a third brand and division of the group, alongside Barratt Homes and David Wilson Homes.
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