Barratt Developments PLC

BDEV: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 717.00	Jwf	Qlbbgvrkn

Barratt: Merger With Redrow Takes Effect as Undertakings Allay Antitrust Watchdog Concerns

Grant Slade

Aug 21, 2024

We make no change to our GBX 760 fair value estimate for no-moat Barratt Developments following news that its merger with smaller rival Redrow will take effect on Aug. 21, 2024. Barratt has elected to complete the deal ahead of formal clearance from the UK’s antitrust watchdog, the CMA, following the CMA’s assertions that the undertakings offered by Barratt and Redrow earlier this week are likely to remedy the anticompetitive concerns it raised as part of its investigation of the proposed merger. Antitrust clearance had previously been a condition precedent under the terms of the merger agreement.

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