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It looks a cleaner deal. Obviously the level of the Redrow offer was less attractive than the Galliford offer so it would need to be increased. Redrow Redrows cash-and-paper proposal valued Bovis at 814p-a-share, while Gallifords all-share merger valued it at 886p. Bovis shares closed at 914p on Friday evening. Royal London holds a 3.5pc stake in Bovis. The housebuilders shares have plunged in recent months after a profit warning in December, which triggered the departure of chief executive David Ritchie less than a fortnight later. It emerged last month that 7m in compensation had been set aside for Bovis customers whose homes were poorly built. It had also been offering home buyers 3,000 incentives to move into unfinished properties before the end of 2016. Bovis Homes Mr Marwood said of the companys woe: Youre building houses, youre not building spaceships. It shouldnt be that difficult to fix. Bovis probably could sort things themselves, but they would need to get a new chief executive on board and the turnaround might take longer to realise value for shareholders than a bid. Galliford and Redrow have until April 9 to make a firm offer or walk away, under Takeover Panel rules. Bellway, another builder, posts half-year results on Tuesday.
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It was like looking over a cliff. After Id screamed, Oh, no, no! a couple of times, he said, Oh, yes, yes! He took me by the scruff of the neck and yanked me on to my feet. Off we went, down the wave. Somewhat inevitably, the exact nature of Dukes relationship with Letham remains a subject of almost puerile fascination among writers and historians, and her Australian surfing hall of fame status is occasionally brought into question. Pinterest Centenary celebrations of Duke Kahanamoku and Isabel Lethams tandem surfboard ride of 1915. If Lethams precise place in Australian surfing history is a divisive issue, beyond dispute is the fact that her mere presence on the beach at the time of Dukes visits represented a dramatic shift in the social mores of the time, and showcased the changing leisure culture in coastal areas. Inspired by the experience, she had her master builder father craft a 34kg board out of a slab of American sugar pine, and with her friend Isma Amor, became a surfing fixture at the local beaches. Her life after Dukes visit was even more remarkable. Letham would also go on to teach generations of Sydneysiders and Californians how to swim. Living and working in America for much of the 1920s, she instigated San Franciscos first ever swimming competitions and coached at the University of California.