Private equity house confirmed this week that it will not make a counteroffer for estate agency
Countrywide’s board has recommended £223m takeover by Connells
Acquisition of 5.85% stake brings Connells’ total interest to 52.3% of the estate agency group
Countrywide’s board rejected Connells’ original bid of £82m last week
Board rejects £82m takeover approach and recommends revised proposal from Alchemy
Company acknowledges “insufficient support” for Alchemy Partners tie-up
Connells reconfirms takeover bid but warns no quick and easy fix to turn business around
Approach throws into doubt a planned £90m investment from private equity house Alchemy Partners
Countrywide also seeking more than £10m from John Bengt Moeller over cancelled sale
Plan to offload LSH or grow the business dependent on which way proposed recapitalisation plan goes
Business likely to stay in group under new investor’s strategy, even as owner says sale is near
The plan would see Alchemy take a majority stake in the company