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Countrywide - Connells consolidates takeover move with share purchase

Connells has cemented its takeover of Countrywide - it now has backing from over 52 per cent of shareholders.

In a statement to the London Stock Exchange, Connells told investors it had acquired the shareholding of over 1.9m Countrywide shares held by Schroder Investment Management Limited.

And the statement adds: “Therefore, Connells now owns or has received irrevocable support for the Acquisition from Countrywide Shareholders in respect of a total of 17,166,670 Countrywide Shares in aggregate, representing approximately 52.30 per cent. of the existing issued ordinary share capital of Countrywide as at 6 January 2021.”

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Earlier this week the main rival to Connells in the bid to take over Countrywide - private equity firm Alchemy Partners - issued a statement accepting the Connells position.

Alchemy had previously secured the support of almost 45 per cent of Countrywide’s shareholders for its proposed offer of 250p for each of the estate agency company’s shares and a £70m capital raising that would have enabled other shareholders to keep stakes in the company.

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    I wonder how long the ex Connells Directors who are now senior managers (Managing Director south etc) will last - given they were pushed out of Connells/Sequence with a nice little pay off/compromise agreement!! It’s going to be fun one thinks

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