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 recapitalization 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.
* No refund of unused vouchers for EasyJet and British Airways customers Defying the EU guidance, the two prominent UK aviation players have decided not to refund unused vouchers for flights canceled during the Covid-19 pandemic. British Airways and EasyJet Plc (LON: EZJ) has said that once used their vouchers cannot be exchanged for cash. At the same time, Ryanair has said that its vouchers can be refunded at any time. Easyjet though has said it will only refund vouchers in exceptional conditions as a gesture of goodwill.
* Ocado Group Plc faces another legal claim from AutoStore AutoStore has claimed that Ocado infringed patents and it is the inventor and rightful owner of certain patents that have been filed by Ocado. Ocado, on its part, has dismissed the claim saying that AutoStore's claim had no merit and it would fight it. The company has also stated that the inventions are their own and they will continue to defend it with whatever means.