Countrywide’s board has rejected an £82m takeover approach from rival Connells, instead recommending a revised proposal from private equity firm Alchemy Partners.
Connells had reconfirmed its bid last month, with its cash offer representing an £82.1m value for the ordinary share capital and an enterprise value of £172.3m for Countrywide.
However, the estate agent’s board has “unanimously rejected” the offer.
Countrywide said Alchemy’s revisions include selling shares to Alchemy at 250p per share, with a circa £70m recapitalisation to be underwritten by Alchemy.
This recapitalisation plan comprises a share placing at an issue price of 225p per share, generating around £35m in gross proceeds, and a share offer priced at 100p per share.
Countrywide’s board said it continues to engage with its shareholders to examine all of its options, which includes a fresh capital raise from existing shareholders.
See also: Countrywide chairman and MD step down
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