(Alliance News) - Connells Ltd said Thursday it has acquired additional support from shareholders in estate agency Countrywide PLC for its GBP223.1 million acquisition.
Connells has acquired 1.9 million Countrywide shares from Schroder Investment Management Ltd, a 5.9% stake and Schroder's entire holding.
Now Connells owns or has irrevocable support for the acquisition from shareholders representing 17.2 million shares, or 52% of Countrywide's existing issued share capital.
Under the current deal, Connells will acquire Countrywide for 395 pence per share in cash, reflecting a more than doubled premium to Countrywide's closing price of 145p on November 6, the day before Connells made its first bid.
Shares in Countrywide were up 0.3% at 391.60 pence on Thursday in London.
The latest offer values Countrywide's share capital at GBP134.4 million and implies and enterprise value of GBP223.1 million.
The acquisition is conditional on gaining at least 75% shareholder approval, regulatory approval from the UK Financial Conduct Authority, and the scheme being sanctioned by the High Court of Justice in England & Wales.
Should all conditions be met, the deal is set to be completed in the first quarter of 2021.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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