Bellway Drops Takeover Bid of Crest Nicholson

Deal Falls Through After Initial Offer

Shares of Crest Nicholson Plummet

**London, UK** - Bellway PLC, a leading UK housebuilder, has pulled out of a potential £720 million takeover of rival Crest Nicholson PLC. The news sent shares of Crest Nicholson tumbling by over 18% on Tuesday, wiping out millions of pounds in market value. Bellway had initially approached Crest Nicholson with a takeover proposal last month. The deal would have seen Bellway acquire all of Crest Nicholson's shares, giving it a major presence in the UK housing market. However, after due diligence and further consideration, Bellway has decided to walk away from the deal. In a statement, Bellway said that it had "carefully considered" the potential takeover but had "ultimately decided that it is not in the best interests of Bellway shareholders to proceed with the acquisition at this time." Crest Nicholson said it was "disappointed" by Bellway's decision but that it remained committed to its own growth strategy.