|Bid||645.00 x 3000|
|Ask||627.00 x 27700|
|Day's range||627.50 - 657.00|
|52-week range||499.60 - 1,117.00|
|Beta (3Y monthly)||0.77|
|PE ratio (TTM)||6.25|
|Earnings date||11 Sep 2019|
|Forward dividend & yield||0.72 (11.52%)|
|1y target est||1,054.00|
Shares in Britain's Kier fell more than 35% on Friday to a record low after the Times newspaper reported the construction and services group was rushing to sell its housebuilding business at a discount to cut mounting debt. The report was the latest setback for the group, which has contracts for major projects including London's Crossrail link, following a profit warning last week. The shares fell as much as 36.3% to 129 pence by 1415 GMT, the lowest since it listed in 1996, erasing all of the 24% gains made since Kier's profit warning on June 3.
Shares in troubled Kier dropped 13% on Friday after a media report that the construction and services group was looking to sell its housebuilding unit as part of a review to cut debt and simplify its structure. Kier issued a profit warning last week which sent shares down 40% to their lowest in two decades as investors speculated it may cut dividend payouts and again seek to raise more funds after a failed share issue last year. The Times reported http://bit.ly/2XHb7Ap on Friday that Kier had sounded out advisers on the possibility of selling the housing division at a value of between 100 million and 150 million pounds.
The FTSE 100 was 0.1% lower, while the mid-cap FTSE 250 rose 0.4%. British American Tobacco and Imperial Brands were among the biggest drags on the main index after data from Nielsen showed cigarette industry volumes deteriorated in the four weeks to May 18. The session's trading came against the backdrop of continued uncertainty over China's trade dispute with the United States, after U.S. President Donald Trump said Washington was not ready to make a deal with Beijing but that he expected one in the future.
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Galliford on Saturday said it had rejected a bid from Bovis to buy its Linden Homes and Partnerships & Regeneration businesses in exchange for new Bovis Homes shares, judging it was not in the interests of all shareholders. Bovis said in a statement on Tuesday that negotiations had broken down after it followed up an initial approach with a formal offer on May 8 of 950 million pounds in its own shares as well as the assumption of 100 million pounds in debt. Galliford, under pressure from shareholders in recent months, reiterated in a separate statement on Tuesday that it remained confident in its long-term prospects.
City investors piled into struggling construction giant Galliford Try on Tuesday, on hopes that its decision to reject a £950 million approach for its housebuilding arm from Bovis Homes could lead to an auction. Bovis Homes confirmed weekend reports that it made an all-share proposal for Galliford’s Linden Homes and regeneration businesses. FTSE 250 builder Bovis said the companies are no longer in discussions.
Galliford Try has rejected a £950m offer from Bovis to buy its house building business. The two firms confirmed that Bovis had made an approach for Galliford's Linden Homes and Partnerships and Regeneration divisions, confirming a story first reported by Sky News . Galliford said it had "carefully considered" the proposal but decided it did not fully reflect the value of the operation.
Galliford Try said in a statement that Bovis intented to buy Galliford Try's Linden Homes and Partnerships & Regeneration arm in exchange for new Bovis Homes shares. Sky news, which reported the deal-talks first, cited a Bovis insider saying it was unlikely Bovis would be interested in Galliford Try's troubled construction division, which was responsible for a recent profit warning. If the companies pursue a full merger, the combined entity could be valued at about 2 billion pounds ($2.5 billion) and a significant chunk of any offer from Bovis for part or all of Galliford Try is likely to be in shares, Sky News said.
Sky News has learnt that Bovis Homes Group has approached Galliford Try in the last few weeks about a combination of a large chunk of their operations. Bovis has a market value of just over £1.3bn, while Galliford Try, which owns the Linden Homes housebuilding brand, is worth roughly £550m. A Bovis insider cautioned that it was unlikely to be interested in Galliford Try's troubled construction division, which was responsible for a recent profit warning from the group.
Bovis Homes Group has approached Galliford Try Plc about a housebuilding tie-up after a previous merger talks broke down, Sky News reported on Saturday. Bovis Homes and rival Galliford Try kicked off secret talks in the last few weeks about a combination of a large chunk of Galliford's operations, Sky News said https://news.sky.com/story/bovis-approaches-rival-galliford-try-about-housebuilding-merger-11728118. The construction arm could remain listed as a standalone company or be sold to a third party, Sky News reported.
The FTSE 100 was up 0.3%, while the FTSE 250 rose 0.5%, with builder Galliford Try leading gains after announcing job cuts. After weeks of waiting for significant updates on Brexit, investors welcomed a "new deal" for Britain's departure from the European Union set out by Prime Minister Theresa May, which offered the prospect of a possible second referendum on the agreement.
The programme follows a strategic review, announced last month after Galliford installed a new chief executive and issued a profit warning. The results of the review are already being implemented and will see a reduction in revenue from the group's main construction business and the loss of 350 jobs across the United Kingdom, it said. The company, known for projects ranging from the redevelopment of the Wimbledon tennis venue to hospitals and city bypasses, said those moves, initially reported by the BBC in April, would accelerate progress towards a 2% target for operating margins by 2021.
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The FTSE 100 added 0.4 percent after hitting its highest since Oct. 4 as a dip in pound boosted blue-chip exporter stocks. The more domestically-focused midcap index built on last week's momentum, when the European Union agreed a second delay to Brexit, and clung to its six-month high with a 0.6 percent rise. Both followed gains in Asia after data showed that new home prices in China grew slightly faster in March after a slow-down the previous month, kindling hopes that Beijing's stimulus measures were having an impact.
Asia-focused financial stocks, gaining on upbeat data from China, and a weaker sterling thrust London's main index to levels not seen since October, while mid-cap retailer JD Sports hit a record high after a forecast-beating profit. The FTSE 100 added 0.4 percent after hitting its highest since Oct. 4 as a dip in pound boosted blue-chip exporter stocks. The more domestically-focused midcap index built on last week's momentum, when the European Union agreed a second delay to Brexit, and clung to its six-month high with a 0.6 percent rise.
On Tuesday, Galliford Try Plc, which partnered with Carillion on a troubled Scottish road project, said it would cut the size of its infrastructure business. In theory, shrinking the infrastructure business is a welcome first step by new chief executive Graham Prothero (who served previously as finance director). In contrast, public contractor projects are suffering from low margins and have a nasty habit of ending in cost overruns, as the Carillion debacle and troubles at peers like Kier Group Plc and Interserve Plc have shown.
Galliford, known for construction projects ranging from the redevelopment of the Wimbledon tennis venue to hospitals and city bypasses, said that the review would reduce the construction business, to focus on more profitable sectors, and crimp earnings this year. The decision to review the construction business comes weeks after former finance director Graham Prothero took over as the builder's chief executive. The unit, which does not include house building, is Galliford's biggest business accounting for around a third of group sales.