Real estate agent Connells is in talks with rival Countrywide about a potential acquisition of over £ 90m, which could lead to the company taking out the London Stock Exchange.
Countrywide said it received a 250 pence a share offer from Connells, which is well above its current share price of 145 pence, but well below its pre-crisis level of 355 pence.
The London-listed company said: « This approach is at an early stage and Connells Limited has indicated that any offer is conditional, among other things, on completion of confirmatory due diligence and a recommendation by the Countrywide Board of Directors. »
The troubled real estate agent added that « it cannot be ascertained that an offer will be made, nor with regard to the conditions of any such offer, if it is made. »
Countrywide debts have skyrocketed in recent years, as the group was forced to release £ 140m in emergency fundraising from investors in 2018 and shuttered several branches.
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Countrywide, Connells Group, Real Estate, Stock
World News – GB – Connells in acquisition talks with Countrywide
