BRCK Group has rejected a 65p-a-share cash approach from Bovis owner Atlas Holdings, saying the proposal fundamentally undervalues the AIM-listed company.
In a London Stock Exchange announcement today (31 March), BRCK Group – formerly known as Brickability – said its board received an “unsolicited, indicative and non-binding” approach from Atlas on 17 February.
The materials supplier rebuffed the approach, but provided further limited information on the business and its prospects to Atlas under a non-disclosure agreement to see whether it would make an offer that could be put to shareholders.
Atlas then submitted a non-binding indicative proposal on 17 March to buy the entire issued and to-be-issued share capital of BRCK for 65p per share in cash.
BRCK said its board reviewed the proposal with its financial advisers and unanimously rejected it on 23 March.
In its statement today, it said: “The board remains fully confident in BRCK’s prospects as an independent listed company and the continued execution of its strategy under its leadership team.
“There can be no certainty that any firm offer for BRCK will be made, nor as to the terms on which any firm offer might be made. Accordingly, BRCK shareholders are strongly advised to take no action at this time.”
Under Rule 2.6(a) of the Takeover Code, Atlas must by 5pm London time on 28 April 2026 either announce a firm intention to make an offer under Rule 2.7 or confirm that it does not intend to bid.
That deadline can be extended with the consent of the Takeover Panel.
BRCK said its announcement had been made without Atlas’s prior approval.
Brickability Group announced its name change to BRCK Group in February.
Atlas Holdings, a US private equity company, bought tier one contractor Lendlease and renamed it Bovis last year.
