David Wilson, the chairman and founder of the housebuilder Wilson Bowden, could realise a personal fortune of more than £400 million if his company succumbs to a takeover after three rivals made informal approaches.
Wilson Bowden confirmed last night that it had been approached by several companies — believed to be George Wimpey, Redrow and Bellway. It said: “The board can confirm that it is in preliminary discussions with a number of parties regarding a possible offer for the company.
“These discussions are at a very early stage and there can be no certainty they will lead to a formal offer being made for the issued share capital of the company.”
The approaches come amid a review of the Wilson family trust, which owns 33 per cent of the business. Mr Wilson’s personal holding is 22 per cent and members of his family own another 11 per cent.
Wilson Bowden is currently valued at £1.7 billion. If the family were prepared to sell out and a bid came in at £2 billion, the family’s share would be £660 million and the holding of Mr Wilson, 64, who founded the business in 1961 with his father, would be worth £440 million.
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A takeover of Wilson Bowden by one of the three competitors that have made an approach would create Britain’s second-largest housebuilder after Persimmon.
Analysts are expecting further consolidation in the housebuilding sector after the recent takeover of McCarthy & Stone and the general strong demand for new homes.
The Wilson family appointed NM Rothschild to look at their stake in the housebuilder in July, the latest of several such reviews in recent years.
When news of the latest review emerged, the three potential bidders approached the company to say that they could be interested in a making an offer if the family sold all or part of their stake to enable a takeover.