Estate agencies Countrywide and LSL have ended takeover talks.
The two companies confirmed discussions in late February and had until March 23 to announce whether a deal was agreed.
LSL said in a stock exchange announcement that it will not make an offer for Countrywide. In response, Countrywide said its board “remains confident in the strength of the underlying business as an independent company”.
Shortly before 8.40am, Countrywide’s shares were down by a third, while LSL’s had dropped by about 10%.
Last week Countrywide said challenges with its own sale of its Lambert Smith Hampton business were continuing.
The company has been unable to secure the closing payment for a disposal of the business to investor John Bengt Moeller.
Countrywide said that although it is still engaging with Moeller to wrap up the deal, it is also in discussions with another possible buyer for LSH and could take legal action against Moeller for damages.
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