Countrywide shareholders have unsurprising backed the takeover by Connells.
At a special virtual AGM yesterday 99.58% of shareholders voted in favour of the deal, with 0.42% opposed.
The acquisition, which is expected to become effective by the end of the first quarter of 2021, will see each shareholder receive 395 pence per share, valuing the company at £223.1m.
The deal will see all of Countrywide’s lenders repaid in full and additional investment will be provided, giving the business the financial strength to recover from the under-investment of recent years.
The Acquisition remains subject to the regulatory approval by the Financial Conduct Authority.
Well-known industry figure joins Connells to oversee Countrywide integration
Who’s next?
Sector alive with mergers and acquistions .
A large belt of investors money shortly to be released by Connell’s acquisition of Countrywide ,the majority of which will no doubt looking to be recycled into the sector ,more to come .
Purplebricks
Predators no doubt eyeing that £60m sitting in the Tommy ,seemingly doing nothing
Many investors disillusioned with the current management .Lettings withering on the vine with too few instructions and too many chiefs
Foxtons The share price has shot up recently with rumours of a takeover .Hoping for some activity in their Central London offices which are currently treading water
The minnow Winkworths with a bitesize current market capitalisation of under £18m
Some of their offices going great guns .Dulwich with an impressive sales inventory acc to Zoopla of 160 with over 80 of those showing either under offer SSTC
With Jeremy Agace ,78 holding over 41% of the equity Its AIM listed so capital gains and inheritance tax benefits with the shareholding potentially a door to open here
Hold onto your hollyhocks .
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IMO Foxtons or someone similar need to get a wiggle on now. Foxtons being almost entirely contained within the M25 and niched into a young set buyer property isn’t somewhere I would be comfortable with as a group, at this stage of this market. What the Connells /CW acquisition does is mop up two competing acquirer groups into one with a whole load of sorting out to do in the immediate near future. That leaves the field open for someone to fill the void that C/CW just created in the portfolio lettings and management and succession planning agency takeover/merger bit of the industry- a rival firm to keep David and David on their toes
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It’s Simon Agace who has the equity, Jeremy is living it large in Monaco.
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