World News – GB – Realtor Countrywide obtains acquisition approach from Connells

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Countrywide Plc said it is in « an urgent need for recapitalization » to reduce debt and boost its finances to cope with the economic downturn caused by the pandemic

Countrywide Plc said it is in « an urgent need for recapitalization » to reduce debt and boost its financial resources to counter the economic downturn caused by the pandemic

Under the proposal, Connells would buy all Countrywide shares for 250 pence a share in cash, a 72% premium over Friday’s closing price, according to the company’s Monday statement Connells, a privately owned real estate firm, has until December 7 to place an offer

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Shares in Countrywide rose by as much as 57% in London on Monday morning, but are still down about 31% for this year. The company’s market value is EGP 695 million.

Countrywide said last month that it was in « dire need of recapitalization » to reduce debt and boost its financial resources to counter the economic downturn caused by the pandemic, as it advised private equity firm Alchemy Partners to invest up to $ 90 million Pound in realtor

The company is no stranger to private equity-led approaches, it was acquired by Apollo Global Management in 2007 and another private equity firm, Oaktree Capital, began purchasing the company’s debt the following year and eventually became its largest owner before gradually reducing its stake. / p>

Connells said she reached out to Countrywide’s board of directors on its October 26 offer, and is conducting due diligence on the company and said Countrywide needs a new management team and a « significant and sustainable investment » in « technology, network, and people » to bring the business back to a solid base in the market Full of challenges « 

Countrywide, Connells Group, Real Estate, Takeover, Stock

World News – GB – Realtor Countrywide acquires acquisition approach from Connells


SOURCE: https://www.w24news.com

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