The independant directors of Redrow Plc are left to respond to this mornings expected launch of a possible offer at 152p for the housebuilder by it's Chairman Steve Morgan's vehicle Bridgemere Securities. The move was expected ever since it's founder regained power at Redrow, via a boardroom coup in March 2009. It values the business at £560 million.

Morgan knows the group inside out after founding the company in 1974 with the help of a £5,000 loan from his father. He floated it in 2000, selling shares worth almost £240  million in the process. He went on to  buy Wolverhampton Wanderers FC.

He started speculation when he increased his stake to over 40% this April when the firm made an £80 million placing and open offer at 130p to boost investment in London, and with the full support of the 16% shareholder Martin Hughes's Toscafund and private equity investor Penta Capital an acceptance of any formal offer will be a formality.

Redrow shares closed last night a further 5.5p better at a 52-week high of 151p as speculation intensified. The company will announce results on September 8th but the ink could be dry on a buyout plan by then.