Britain's takeover regulator has given a consortium bidding for housebuilder Redrow an extra two weeks to decide whether to make a takeover offer for the company.

Redrow said on Thursday that at its request, the Takeover Panel granted a group headed by its founder and chairman Steve Morgan until October 18 to make a firm offer or walk away, two weeks later than a previous deadline.

Morgan's vehicle Bridgemere Securities, which is bidding with Penta Capital and Toscafund Asset Management, made a preliminary 152 pence approach for Redrow in August, valuing the firm at 562 million pounds.

(Reporting by Sarah Young. Editing by Jane Merriman)