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Is the house building sector back in favour?

News that Hugh Osmond, one of the UK's best-known businessmen, has made a takeover offer for UK housebuilder Crest Nicholson has certainly caught the attention of investors in the UK. It is believed on offer in the region of £300 million to £350 million was tabled last week and a response is awaited from the company. There have been rumours for some time that Hugh Osmond has been looking at various companies in the UK and was ready to make a move.

Crest Nicholson is one of the fallen angels of the house building sector having been forced to issue shares to Lloyds Bank last year in order to avoid going out of business. The debt for equity swap has effectively meant the company has been for sale for some time and today's news that an offer has been made is no real surprise. However, it does prompt the question whether the UK house building sector has fallen far enough and whether there will be more takeover offers in due course.

Crest Nicholson had been one of the leading darlings of the UK house building market but when the UK property sector deflated and buyers deserted the UK market it was left high and dry.

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