(Reuters) – Britain’s Crest Nicholson rejects takeover bid from Avant Homes, Sky News reported

July 5 (Reuters) – Crest Nicholson CRST.L is part of Elliott Advisors which has made a takeover bid for all of Avant Homes in the past 10 days, Sky News reported on Friday, citing City sources.

If Avant, led by former Persimmon PSN.L boss Geoff Fairbairn, made a takeover bid, Elliott would become the largest shareholder in the combined group, Sky News reported.

One of the people told Sky that the merger could become less attractive to some Crest Nicholson shareholders.

The value of the offer was not disclosed in the report.

Crest-Nicholson, Avant and Elliott did not respond to Reuters requests for comment.

Avant’s takeover bid comes just weeks after the FTSE-listed mid-sized housebuilder rejected a 650 million pound ($830.4 million) offer from Bellway BWY.L , saying an all-share public offering would undervalue the group.

Earlier this year Barratt BDEV.L , one of Britain’s largest housebuilders, agreed to buy Redrow RDW.L in an all-share deal, while Vistry VTYV.L agreed to buy Countryside in 2022.