Countrywide Plc gets an £82 million takeover bid from Connells. | UK |

  • November 10, 2020 12:16 PM GMT
  • Team Kalkine

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.

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