Shares of Flintshire-based house builder Redrow rose 3% after it said it decided “it is not in its shareholders’ best interests” to increase its proposal to buy Bovis above the level which was rejected by Bovis.

The decision leaves Galliford Try as the only potential bidder left for Bovis.

“Redrow confirms that it does not intend to make an offer for Bovis,” said Redrow.

“Redrow will instead continue to focus on its highly successful organic growth strategy that has delivered approximately 55% compound annual growth in pre-tax profits from financial years 2012 to 2016.

“Redrow’s strong land bank and disciplined approach to its operations means it is well-placed to both continue to grow its profits and progressively increase dividend payout rates to 33% in the medium term.”