Bovis Homes Group PLC said it is no longer negotiating to buy Galliford Try PLC's housing businesses after the latter rejected a revised offer comprising a £950 million consideration and the assumption of Galliford's 10-year debt private placement of £100 million.

The consideration was to be satisfied through new Bovis shares to be issued directly to Galliford shareholders.

Bovis said it submitted a revised proposal on May 8 that would see it combine with Galliford's Linden Homes and Partnerships & Regeneration units. Galliford would remain a listed construction-focused group in the U.K. owned entirely by its shareholders, according to a release.

Bovis said Galliford rejected the offer May 24 after determining that it did not fully reflect the value of the businesses and the need to ensure that the remaining entity had a viable capital structure.