BREAKING: Connells buys Countrywide after improved offer worth £134 million

first_imgFollowing months of wrangling, intrigue and even mud-slinging the board of Countrywide has accepted Connells’ cash offer for the industry colossus.Widely seen within the industry as the best option for Countrywide under the terms of the acquisition Countrywide shareholders will receive £3,95 pence a share, a huge premium on its early December price of £2.27.Since news of the takeover has emerged, Countrywide’s share price has risen to £3.88. During the depths of the Covid lockdown, this has sunk to just 38p.The vote on the acquisition was a close run thing – just 51.03% of Countrywide share holders voted through the Connells deal, which is expected to officially complete by March 2021.As part of the deal, Connells will clear all of Countrywide’ debts and as previously announced, invest heavily in its technology, branch network and people, stabilising and enhancing Countrywide’s business for the benefit of its customers, employees and other stakeholders.David Livesey (left), Connells Group Chief Executive, says: We believe that the Acquisition is a great deal for all stakeholders.“Our primary motivation for the acquisition is to invest in and grow the Countrywide business. We believe that we have the right management team, strategy and investment firepower to work with the talented teams at Countrywide and lead  Countrywide into a bright future.”David Watson (left), Acting Non-Executive Chairman of Countrywide, says: “This significantly improved offer from Connells allows Countrywide Shareholders to realise their investment in cash at a price that fairly values the opportunities and risks of the business.“We are pleased to recommend this offer, which is supported by our major shareholders, and puts the Company on a stronger footing, securing the future of the business, its customers and its employees.”Industry reactionAnthony Codling, Twindig: “We believe this is the best result for Countrywide because Connell’s has a tried, tested and successful management team.“Connells will focus on an operational turnaround which will be in the best interests of both employees and the business whereas a Private Equity buyer would have focused on a financial turnaround, seeking to maximise financial returns at the point of an exit rather than being committed to the business for the longer term.”Read more about Connells’ plans to turn around Countrywidel david watson connells Countrywide David Livesey December 31, 2020Nigel Lewis2 commentsAndrew Stanton, CEO Proptech-PR Real Estate Influencer & Journalist CEO Proptech-PR Real Estate Influencer & Journalist 31st December 2020 at 11:52 amHopefully for all stakeholders the deal will go through, though like many sales that are preceding at present, a number will fail to get over the line by the 31st of March.Having worked for Countrywide in its prime, and within the Connells/Sequence fold – if the deal does happen, there will at last be an extremely capable, resolute, focused and forward facing team in the c-suite of the largest agency in the UK, replacing the sad vacuum of talent that Countrywide has fielded for half a decade.Agency is changing and it will be interesting to see how Dinosaur Countrywide – can be modernised in the digital age, where the consumer now demands an Amazon quickness to service and delivery.Log in to ReplyJames Gibbs, Gibbs Gillespie Gibbs Gillespie 31st December 2020 at 10:54 amOf course this is great news for Countrywide, someone in charge with agency experience for once. Always fails without this. Bound to be few fun and games before it all settles down but this is the best way. But the deal is not done yet.Log in to ReplyWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Agencies & People » BREAKING: Connells buys Countrywide after improved offer worth £134 million previous nextAgencies & PeopleBREAKING: Connells buys Countrywide after improved offer worth £134 millionDeal is due to officially complete by March and will see all of Countrywide’s debts cleared and new investment in branches, people and tech.Nigel Lewis31st December 20202 Comments2,750 Viewslast_img

first_imgFollowing months of wrangling, intrigue and even mud-slinging the board of Countrywide has accepted Connells’ cash offer for the industry colossus.Widely seen within the industry as the best option for Countrywide under the terms of the acquisition Countrywide shareholders will receive £3,95 pence a share, a huge premium on its early December price of £2.27.Since news of the takeover has emerged, Countrywide’s share price has risen to £3.88. During the depths of the Covid lockdown, this has sunk to just 38p.The vote on the acquisition was a close run thing – just 51.03% of Countrywide share holders voted through the Connells deal, which is expected to officially complete by March 2021.As part of the deal, Connells will clear all of Countrywide’ debts and as previously announced, invest heavily in its technology, branch network and people, stabilising and enhancing Countrywide’s business for the benefit of its customers, employees and other stakeholders.David Livesey (left), Connells Group Chief Executive, says: We believe that the Acquisition is a great deal for all stakeholders.“Our primary motivation for the acquisition is to invest in and grow the Countrywide business. We believe that we have the right management team, strategy and investment firepower to work with the talented teams at Countrywide and lead  Countrywide into a bright future.”David Watson (left), Acting Non-Executive Chairman of Countrywide, says: “This significantly improved offer from Connells allows Countrywide Shareholders to realise their investment in cash at a price that fairly values the opportunities and risks of the business.“We are pleased to recommend this offer, which is supported by our major shareholders, and puts the Company on a stronger footing, securing the future of the business, its customers and its employees.”Industry reactionAnthony Codling, Twindig: “We believe this is the best result for Countrywide because Connell’s has a tried, tested and successful management team.“Connells will focus on an operational turnaround which will be in the best interests of both employees and the business whereas a Private Equity buyer would have focused on a financial turnaround, seeking to maximise financial returns at the point of an exit rather than being committed to the business for the longer term.”Read more about Connells’ plans to turn around Countrywidel david watson connells Countrywide David Livesey December 31, 2020Nigel Lewis2 commentsAndrew Stanton, CEO Proptech-PR Real Estate Influencer & Journalist CEO Proptech-PR Real Estate Influencer & Journalist 31st December 2020 at 11:52 amHopefully for all stakeholders the deal will go through, though like many sales that are preceding at present, a number will fail to get over the line by the 31st of March.Having worked for Countrywide in its prime, and within the Connells/Sequence fold – if the deal does happen, there will at last be an extremely capable, resolute, focused and forward facing team in the c-suite of the largest agency in the UK, replacing the sad vacuum of talent that Countrywide has fielded for half a decade.Agency is changing and it will be interesting to see how Dinosaur Countrywide – can be modernised in the digital age, where the consumer now demands an Amazon quickness to service and delivery.Log in to ReplyJames Gibbs, Gibbs Gillespie Gibbs Gillespie 31st December 2020 at 10:54 amOf course this is great news for Countrywide, someone in charge with agency experience for once. Always fails without this. Bound to be few fun and games before it all settles down but this is the best way. But the deal is not done yet.Log in to ReplyWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Agencies & People » BREAKING: Connells buys Countrywide after improved offer worth £134 million previous nextAgencies & PeopleBREAKING: Connells buys Countrywide after improved offer worth £134 millionDeal is due to officially complete by March and will see all of Countrywide’s debts cleared and new investment in branches, people and tech.Nigel Lewis31st December 20202 Comments2,750 Viewslast_img

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