Galliford Try PLC rebuffed an offer from rival homebuilder Bovis Homes Group PLC to purchase its Linden Homes and Partnerships & Regeneration divisions in exchange for new Bovis Homes shares, Reuters reported, citing Galliford Try.

The British construction company said it rejected Bovis' offer because it was not in the interests of its shareholders, according to the May 25 report.

Reuters added that a potential merger between the two companies could result in a combined entity valued at roughly £2 billion, Reuters added.

Bovis declined to comment on the matter.