Steve Morgan launches bid to takeover Redrow

Chairman of housebuilder Redrow, Steve Morgan, has launched a bid to takeover the company through his investment fund Bridgemere.

Redrow confirmed to the stock exchange this morning that it has received an initial approach from Bridgemere with regards a possible cash offer of 152 pence per Redrow share.

Bridgemere – which is controlled by Morgan – already owns 40.4% of Redrow.

Redrow said it “will now establish a committee of independent directors to consider the approach.”