Countrywide rejects Connells takeover offer, Alchemy Partners revise financing proposal

Countrywide PLC (LON:CWD) announced the board has rejected the 250 pence per share cash offer put forward by rival estate agency Connells.

Meanwhile, private equity group Alchemy Partners have revised a financing proposal, after Countrywide said there was insufficient support to go ahead with it last week.

READ: Countrywide drops GBP90mln Alchemy proposal, appoints ex-Wm Hill boss as interim CEO

Alchemy is now offering to buy shares at 250p a pop from shareholders, alongside a fully underwritten recapitalisation of GBP70mln.

The latter comprises a firm placing of 15.6mln ordinary shares to Alchemy Partners for 225p per share, for gross proceeds of GBP35mln, and an open offer of 35mln ordinary shares at 100p each.

The open offer would be implemented following completion of the previous two steps.

The property group would also have to move to the Standard Listing segment from the Premium Listing segment as a condition of the deal.

Shares rose 5% to 238p on Wednesday morning.