Countrywide shares (LON:CWD) rose 23% after Connells made a £112 million cash offer.
After the previous offer was rejected, Connells, a real estate institution group, raised the offer to 325p per share, upping the offer from the previous 250p price.
“We are pleased to announce that we are committed to providing a range of services to our customers,” said David Livesey, Group Chief Executive Officer at Connells.
“Countrywide desperately needs a fruitful solution to current financial issues and lack of strategic orientation. To get Countrywide back on track, it will take years of sustained investments and rough operational improvements. It is necessary. Connells offers a clear vision for the future, but not another turnaround attempt based on hopeful thinking and flake-like funding. Connells at 325p per share A cash offer is the only concrete transaction on the table, giving shareholders a greater premium than the value of their national stocks before they announce their interest.
“We approached the national board to seek recommendations for our offer, and we believe it is in all interests for everyone to announce our offer today. .
In a statement, Connells said the new offer is “more attractive to shareholders than a potential alternative proposal that will allow the group to remain a listed company with all the risks and uncertainties that this will be involved in.” .
Nationally Wide Stocks (LON:CWD) are currently trading +21.65% at 310,21 (1041GMT).
