He already owns 40.4% of the company .
Morgan鈥檚 investment vehicle Bridgemere Securities, together with Toscafund Asset Management (which already owns 13.8%) and Penta Capital, has made an initial approach that would offer Redrow shareholders聽152 pence per share.
Bridgemere issued a statement this morning saying: 鈥淏ridgemere and Tosca/Penta wish to notify shareholders that they聽 have made an initial approach to the independent directors of Redrow and are considering the possibility of making an all cash offer for Redrow of 152 pence per Redrow share.聽 This approach is at a preliminary stage and no decisions have yet been made. There can be no certainty that an offer will ultimately be made for Redrow.鈥�
It said that the offer price of 152 pence per Redrow share represented a premium of 23.8% to the 90 trading day volume-weighted average Redrow share price of 122.7 pence per share.
Redrow鈥檚 board will now establish a committee of independent directors to consider the approach.聽
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