(Alliance News) - LSL Property Services PLC on Monday confirmed it will not be making a bid for peer Countrywide PLC.
At the end of February, the two real estate agents had said they were in discussions over a possible all-share merger. LSL had until March 23 to make an offer of walk away.
In response, Countrywide said it remains confident in the underlying strength of its business, and is seeing the benefits of its "back to basics" turnaround strategy.
"The company has seen a positive mood swing in public sentiment through the early part of 2020 which we have seen reflected in a strong start in agreed sales which are ahead of the board's expectations through February 2020. Whilst we have seen some softening in recent days as a result of Covid-19, it is too early to assess that impact," Countrywide said.
Shares in LSL Property Services were 19% lower in London on Monday at 201.00 pence, while Countrywide was down 48% at 86.04p.
By Paul McGowan; paulmcgowan@alliancenews.com
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