Company has been under pressure, issuing several profit warnings amid slump in property market

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Crest Nicholson, the embattled housebuilder, has rebuffed a second all-share takeover approach from its larger rival Bellway valuing the group at about £650m.

The FTSE 250 housebuilder this week reported losses in the first half and slashed its dividend in its latest profit warning as it continued to be hit by volatile mortgage rates and slowing demand in the housing market.