Snook told to sling his hook
13 April 2012
ROK Property Solutions boss Garvis Snook slapped a £113m takeover approach on the desk at builder Galliford Try - and was told to try elsewhere.
Rok wanted to offer 51p a share, of which £25m was in its own shares and the rest in cash, with an all-cash alternative.
Chief executive David Calverley and his board said this 'significantly undervalues Galliford'.
The shares - one of the Daily Mail's Shares of the Year, tipped at 22 1/4p - leapt 6 1/2p to 45 3/4p.
Calverley is sorting out problems on the construction side. A deal would more than double Rok's size, but the ambitious Snook is not giving up, asking for 'a constructive dialogue'.
