Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Countrywide plc    CWD   GB00BK5V9445

COUNTRYWIDE PLC

(CWD)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Property firm Connells approaches Countrywide about possible buyout

11/09/2020 | 05:34am EST

(Reuters) - Britain's Countrywide Plc has been approached by real estate management firm Connells Ltd about a possible buyout that would value the real estate agent at around 82 million pounds ($108 million).

Countrywide, which vies for market share with Foxtons, has been trying to recover from a botched 2015 restructuring that led to four profit warnings and a deeply discounted share issue.

Shares in the debt-laden company jumped 45% on Monday after it disclosed Connells' potential offer of 250 pence a share, and were at 210 pence by 1000 GMT. The interest comes just months after a plan for an all-share merger between Countrywide and LSL Property Services was dropped by the bigger rival.

Connells confirmed it had approached Countrywide on Oct. 26 and said in a statement the estate agent needed a new management team and strategy to turnaround its business, adding that Countrywide's board had indicated it was in "urgent need of recapitalisation" to cut debt and exposure to lenders.

Countrywide's underlying net debt at June 30 was just shy of 92 million pounds, nearly double its market capitalisation of about 48 million pounds based on Friday's closing price of 145 pence.

Countrywide in October said that funds advised by Alchemy Partners had proposed investing about 90 million pounds in the company in exchange for management control following the recapitalisation.

Making the case for its offer, Connells said that the deal with Alchemy would have "resulted in Countrywide shareholders suffering material dilution", and questioned the expertise and plan of the proposed management.

Countrywide, which operates 60 high street brands, including Hamptons International, Bairstow Eves and Bridgfords, said there was no certainty on the terms of any deal, while Connell said it was still evaluating the terms of any possible firm offer.

"In the meantime, the Board will continue to engage with its shareholders to examine all potential options to deliver a sustainable capital structure for the Company and to maximise shareholder value," Countrywide said.

($1 = 0.7617 pounds)

(Reporting by Aakash Jagadeesh Babu and Pushkala Aripaka in Bengaluru; Editing by Rashmi Aich, Kirsten Donovan)

By Aakash B and Pushkala Aripaka


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
COUNTRYWIDE PLC 0.05% 391.4 Delayed Quote.0.20%
FOXTONS GROUP PLC 3.27% 56.8 Delayed Quote.3.27%
LSL PROPERTY SERVICES PLC 0.80% 253 Delayed Quote.-13.06%
All news about COUNTRYWIDE PLC
01/22COUNTRYWIDE : Alchemy Says Will Not Make Takeover Bid for Countrywide
MT
01/07COUNTRYWIDE : Schroder Investment Sells 6% Countrywide Stake As Part of Connells..
MT
01/06COUNTRYWIDE : Alchemy Says Most Letters of Intent for Proposed Countrywide Takeo..
MT
2020COUNTRYWIDE : Directors Recommend Increased Takeover Offer from Connells
MT
2020NORGES BANK : - Form 8.3 - Countrywide PLC
PR
2020COUNTRYWIDE : Double Award Win for Countrywide Surveying Services
PU
2020Countrywide Board to Review Connells' Updated Takeover Bid; Stock Up 22%
MT
2020Countrywide to evaluate sweetened bid from property firm Connells
RE
2020UPDATE : Countrywide Climbs 19% on Improved $149.5 Million Offer from Connells
MT
2020Countrywide To Consult Shareholders Over Raised $149.5 Million Offer From Con..
MT
More news
Financials
Sales 2020 614 M 840 M 840 M
Net income 2020 - - -
Net Debt 2020 - - -
P/E ratio 2020 -
Yield 2020 -
Capitalization 128 M 175 M 175 M
Capi. / Sales 2020 0,21x
Capi. / Sales 2021 0,20x
Nbr of Employees 7 000
Free-Float 45,0%
Chart COUNTRYWIDE PLC
Duration : Period :
Countrywide plc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends COUNTRYWIDE PLC
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
 
Mean consensus SELL
Number of Analysts 1
Average target price 250,00 GBX
Last Close Price 391,40 GBX
Spread / Highest target -36,1%
Spread / Average Target -36,1%
Spread / Lowest Target -36,1%
Managers and Directors
NameTitle
Philip Hedley Bowcock Chief Executive Officer
Himanshu Haridas Raja Group Chief Financial Officer & Director
Paul Bridge Chief Information Officer
Caleb Samuel Kramer Non-Independent Non-Executive Director
David Kenneth Watson Deputy Chairman
Sector and Competitors
1st jan.Capitalization (M$)
COUNTRYWIDE PLC0.20%175
ZILLOW GROUP, INC.11.85%34 344
CBRE GROUP, INC.5.26%21 638
JONES LANG LASALLE INCORPORATED4.02%8 203
EXP WORLD HOLDINGS, INC.63.05%7 199
A-LIVING SERVICES CO., LTD.6.10%6 278