Builder Redrow's Chairman Proposes PE Takeover

Law360, New York (August 31, 2012, 3:50 PM EDT) -- Bridgemere Securities Ltd., Toscafund Asset Management LLP and Penta Capital LLP, three private equity firms led by the chairman of British homebuilder Redrow PLC, told investors Friday that they were considering making a 152 pence ($2.41) per-share offer for Redrow.

Bridgemere said in a filing with the London Stock Exchange that the potential offering values the company at a 23.8 percent premium over its 90-day average price of 122.7 pence per share, or about £562 million.

“The potential offer price ... represents a strong value proposition...
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