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Troubled estate agency Countrywide agrees to takeover by rival Connells thecourier.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thecourier.co.uk Daily Mail and Mail on Sunday newspapers.
Connells has agreed terms with Countrywide to acquire the business at 395 pence per share. Connells last month announced that it had completed its due diligence work on Countrywide and confirmed its offer of 250p cash per share, valuing Countrywide at around £82m. But the Countrywide Board “unanimously rejected the possible cash offer”, and had decided instead to continue with Alchemy’s revised proposal. Connells chose to return earlier this month with with an improved cash offer at a price of 325 pence per Countrywide Share. Connells increased its proposed offer price by 30% following discussions with Countrywide’s major shareholders. However, the privately owned property firm has now agreed to pay 395 pence per share in a cash deal that values Countrywide at about £134m, according to a company statement on Thursday. That’s a premium of about 172% over the share price before the offer period began in November. ....
Summary · The boards of Connells Limited ( Connells ) and Countrywide plc ( Countrywide or the Company ) are pleased to announce that they have reached agreement on the terms of a recommended cash offer by Connells for Countrywide (the Acquisition ). · Under the terms of the Acquisition, each Countrywide Shareholder will be entitled to receive 395 pence in cash for each Countrywide Share. · Connells has received written confirmations of support for the Acquisition from Countrywide Shareholders in respect of, in aggregate, 16,751,287 Countrywide Shares, representing approximately 51.03 per cent. of the existing issued ordinary share capital of Countrywide as at 30 December 2020, being the last Business Day prior to the date of this Announcement. ....