StockMarketWire.com - Builder and property developer Abbey said it reached an agreement with Gallagher Holdings to sell the remaining shares the latter did not already own for £15.75 a share in a deal worth about £14.4 million.

Gallagher Holdings will acquire the 4.38% of Abbey shares it does not already own.

The offer of £15.75 for each Abbey Share, valued the company's entire issued ordinary share capital at approximately £328.8 million.

The company also reported first-half results alongside the update, with pre-tax profit rising to €26.00m from €21.59m year-on-year.

Its housebuilding division completed 291 sales with a turnover of €105.45 million resulting in an operating profit of €25.04 million.

M & J Engineers, its UK plant hire business, generated operating profits of €435,000 on a turnover of €7.56 million.

'Turnover continue to be substantially behind year ago levels and a difficult second half is in prospect,' the company said.

'The board is not declaring a dividend for the period. A further review of dividend policy will take place prior to our full year results,' it added.






At 9:45am: [LON:ABBY] Abbey PLC share price was 0p at 1550p



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