22nd Jan 2021 11:04
(Alliance News) - Private equity firm Alchemy Special Opportunities LLP on Friday confirmed that it will no longer make an offer for Countrywide PLC, after the UK estate agency and peer Connells Ltd published the scheme document for the takeover.
In early November, Connells had approached Countrywide with a takeover offer of 250 pence per share.
However, the offer was rejected by Countrywide, and after another offer by Alchemy for the same amount, in addition to a recapitalisation of the company, Connells raised its bid to 325p per share, or an enterprise value of GBP200.2 million in total, in early December.
Finally, at the end of 2020, Countrywide had agreed to an offer by Connells for 395 pence per share, valuing the company at GBP223.1 million.
In the scheme document, Countrywide has scheduled the court and general meetings for February 15, where its shareholders will vote on the proposed takeover.
The scheme is expected to become effective by the end of the first quarter of 2021, but still has a long stop date of June 30.
Shares in Countrywide were flat at 391.20 pence on Friday in London.
By Dayo Laniyan; [email protected]
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