After raising the bid to £130 million, Countrywide accepted an acquisition offer from Connells.
Connells has gained support from 51.03% of the group’s shareholders. Once the transaction is completed in the first three months of 2021, we will gather brands such as Bairstow Eves and King & Chasemore.
The first offer for the Connells group was a share of 250p in early November, but the group raised it to 325p. The offer is well below the £750 million valuation of Countrywide, which returned in March 2013.
Countrywide has a debt value of £91.9 million. Connells says they will introduce unemployment when the two head offices merge.
Connells CEO David Livesey commented: “We have the right management team, strategy and investment firepower to work with countrywide’s talented teams to lead a brighter future across the country.”
David Watson, acting chairman of Countrywide, said: “Following a thorough evaluation of options and extensive consultations with the company’s major shareholders, they were encouraged by their recognition of the need and willingness to support a sustainable capital structure. , it’s a great business that has been constrained by too much debt.”
Countrywide stocks (LON: CWD) are trading +12.03% at 389.00 (0944GMT).
