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| Barratt Developments acquires Wilson Bowden  Barratt Developments plc, the U.K.'s biggest housebuilder, has agreed to acquire Wilson Bowden plc for approximately £2.2 billion. Under the terms of the acquisition, Wilson Bowden shareholders will receive for each share 950 pence in cash and 1.0647 new Barratt shares. Values each Wilson Bowden Share at 2,245 pence after taking account of the Barratt interim dividend of 11.38 pence, to which Wilson Bowden Shareholders will not be entitled in respect of their new Barratt shares.It represents a premium of approximately 23 per cent. to the closing price of a Wilson Bowden Share of 1,831 pence on 24 November 2006, the last of trading before Wilson Bowden announced that it was in preliminary discussions which may or may not lead to an offer. The enlarged group would have had a pro forma market capitalisation of £4.3 billion. It will be one of the UK's largest housebuilders. Barratt believes that the enlarged group will be able to deliver annualised pre-tax cost synergies from operational and purchasing efficiencies of at least £45 million in the second full financial year. write your comments about the article :: © 2007 Construction News :: home page |