US investor behind Bovis circles listed brick giant | Construction Enquirer News

The US private equity firm made its approach earlier this year before returning in March with a formal indicative proposal for the AIM-listed supplier, now branded BRCK. But Brickability’s board moved quickly to reject the bid, saying it “fundamentally undervalued” the business. The firm had opened the door to talks and handed over limited information under a non-disclosure agreement to test Atlas’ intent. That process has now stalled, with the board refusing to allow full due diligence unless a higher offer lands. In a clear message to the bidder, Brickability said any deeper engagement would only happen if Atlas comes back with terms the board would be prepared to recommend to shareholders. The stand-off now heads towards a deadline of 28 April under official regulator take-over rules. The move puts one of the UK’s biggest brick and building materials distributors into play at a time when pricing pressure and weak demand are already squeezing margins across the supply chain. Atlas has been building a bigger presence in the UK construction market after reviving the Bovis brand last year, and a deal for Brickability would give it a major foothold in materials as well as contracting.