Giveaway31 Dec 2020 11:58
Countrywide are worth much more than this. The housing and mortgage market is booming with turnover and prices increasing and with the right board it will be worth so much more this time next year. At £3.95 a share it is a steal. Even in the statement they grudgingly admit the following and try to justify the figure using crowd pleasing uplift from once in a lifetime depressed share price due to covid!
'Whilst the Countrywide Board remains confident that the Company could deliver significant value for its shareholders as an independent company, it notes that the terms of the Acquisition represent a premium of approximately:
• 172 per cent. to the Closing Price of 145.0 pence per Countrywide Share on 6 November 2020 (being the last Business Day prior to the commencement of the Offer Period); and
• 241 per cent. to the six month volume weighted average price of 115.7 pence per Countrywide Share to 6 November 2020 (being the last Business Day prior to the commencement of the Offer Period).'
Also do they still own a stake in Rightmove and if so what is that worth alone?