Connells Acquires Countrywide PLC in bidding war

Countrywide Plc has accepted a revised £130m acquisition offer from Connells after rejecting its initial proposals. Countrywide was previously in talks with private equity group Alchemy Partners LLP before entering an agreement with Connells.

Countrywide’s shareholders have agreed terms of a recommended cash offer at 395p a share. Connells initially offered 250p a share in early November and later raised the offer to 325p a share.

Connells has now received written confirmation of support for the acquisition from 51.03% of Countrywide shareholders.

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