On December 3, 2020, Countrywide Plc announced that it has rejected a preliminary GBP-81.9-million (USD 110m/EUR 90.8m) takeover bid by Connells Ltd whilst unveiling a revised proposal from Alchemy Partners, which involves a GBP-70-million (USD /EUR) recapitalization as well as a stake purchase. The board of the Company added that it will examine all potential options, including Alchemy's proposal as well as a capital raising from existing shareholders. Connells urged the Company’s shareholders not to act on Alchemy's proposal.