Private equity group Alchemy Partners has opted not to make a takeover offer for estate agency group Countrywide, ending a months-long back-and-forth in which both Alchemy and property group Connells vied for the target’s attention.
At the end of last year, Connells upped its own offer for Countrywide to £223m from £82m, a bid that was recommended to Countrywide shareholders by the company’s board.
Connells increased its bid after Countrywide had stood by discussions with Alchemy, which had made two proposals for recapitalising the company and buying out existing shareholders. Those proposals had failed to gain the support of shareholders, and Countrywide’s chair and managing director stood down during the discussions.
Alchemy has now said in a stock exchange update that it has no plans to make any further offer for Countrywide, leaving the path clear for the Connells offer to be put to shareholders.
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