UK housebuilder Vistry to buy Countryside

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UK housebuilder Vistry is to buy rival Countryside in a cash-stock deal, valuing the target at about £1.25 billion, a move aimed to strengthen its business targeted at building affordable homes.

Under the terms of the deal, Countryside shareholders would get 0.255 of a new Vistry share and 60 pence in cash for each Countryside share. The deal represents a total implied value of 249 pence per Countryside share, a premium of about 9.

1% to the stock's Friday close.
 

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