好色先生TV

Bovis Homes has rejected Galliford Try鈥檚 拢1.2bn takeover bid for the company - and instead hired its suitor鈥檚 former boss Greg Fitzgerald (pictured) as chief executive.

Bovis - which also repelled an offer from Redrow last month - said it had hired Fitzgerald on an annual salary of 拢650,000, although he can earn bonuses and incentives worth close to 拢7m over the first three years.

Fitzgerald spent 33 years at Galliford Try and led it as chief executive and then chairman before announcing plans to retire, stepping down in November last year.

Bovis said it had been in discussion with Galliford鈥檚 board - now led by chief executive Peter Truscott and chairman Peter Ventress - since its approach last month, but Galliford had not upped its offer and the housebuilder had decided it did not 鈥渞eflect the underlying value of the Bovis business鈥�.

Galliford Try separately informed investors it had formally withdrawn its offer as it had 鈥渂ecome clear鈥� it is not possible to secure the support of the board of Bovis鈥�. Redrow formally withdrew its offer last week.

Fitzgerald joins Bovis after a troubled period for the firm, which has underperformed its peers and lost its previous chief executive David Ritchie in January.

In February Bovis announced a 3% fall in annual pre-tax profit, down to 拢154.7m on turnover just over 拢1bn.

It also revealed it was making what it called a 鈥渙ne-off 拢7m customer care provision鈥� after a high level of customer service issues, including buyers moving into newly built homes that suffered from problems including electrical and plumbing faults.