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McCarthy Accepts $2B Takeover Bid

LONDON-The retirement home developer accepts a bid that is 2.3 times McCarthy's forecast net asset value. This may not be the end of all bidding, however.

By Anita Howarth | Updated on August 02, 2006

LONDON-The board of Britain’s largest retirement home developer, McCarthy & Stone, has accepted a euro 1.6-billion ($2.1-billion) bid from a consortium led by the Bank of Scotland, the Reuben brother property tycoons and retail magnate Tom Hunter. But with rival bidders considering their options analysts have not ruled out the possibility of a higher offer on the table.

The consortium lodged its unconditional offer for the construction company after failing to win a recommendation from the board with an earlier lower conditional bid. The latest 1,075p-a-share cash offer is higher than a previous bid of 1,030p a share from Mars Bidco, a consortium including private equity companies Barclays Capital and Permira.

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