Redrow pulls out of Bovis takeover

Housebuilder Redrow has pulled out of the takeover tussle for rival Bovis Homes.

Redrow said it was giving up its pursuit because it had decided it was “not in its shareholders’ best interests to increase its proposal” after its initial approach was rebuffed by Bovis just over two weeks ago. Redrow had been competing against rival suitor Galliford Try.