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UK housebuilder Redrow has given up its pursuit of rival Bovis Homes, it announced today.

The company had been competing with Galliford Try in an effort to snap up crisis-hit Bovis, but the company’s board said in a statement today that “it is not in its shareholders’ best interests to increase its proposal” above its previous offer.

According to Taekover Code rules, the company is barred from making a bid for Bovis for at least six months.

Copyright The Financial Times Limited 2017. All rights reserved.

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