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Countrywide Plc gets an £82 million takeover bid from Connells

1 min read | November 10, 2020 09:34 AM GMT | By Team Kalkine Media
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Countrywide Plc, one of the largest listed estate agent groups in the UK, has received an £82 million takeover bid from its rival Connells Limited.

  • The indicative approach of Connells is at a price of 250 pence per share for a probable all-cash deal for Countrywide.
  • Earlier the company had revealed that it was in urgent need of recapitalisation to lessen its net debt and reduce its exposure to its lenders.
  • The company’s lenders had expressed their reluctance to provide it with additional financial covenant headroom or to extend the term of their debt pledges.
  • Connells believes that Countrywide needs a new management team and a significant and sustained investment to put the business back on track.

 

  • On 10 November 2020, the stocks of the company remained unchanged at its previous closing, hovering at around GBX 205.00 at 08:28 AM GMT+1.

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