The future of Countrywide remains to be decided after this morning’s EGM was adjourned.
A vote on the proposed management buy-out by chief executive Harry Hill, with backing from private equity firm 3i, was to be held today.
However, at the request of 3i, Christopher Sporborg, chairman of Countrywide, obtained an adjournment of the court meeting and EGM.
3i has indicated that it wishes to hold further consultations with Countrywide’s significant shareholders.
It is expected that the reconvened meetings will be held in the next two to three weeks.
The £940m deal for the UK’s largest public estate agent is under increasing pressure as opposition from shareholders mounts.
Last week it was thought more than 20% of shareholders opposed the takeover, with a further 9% in the balance, posing a serious threat to the deal which requires a 75% majority.
References: EGi News 15/01/07
