Apollo Management says agrees to 1.008 bln stg deal for Countrywide UPDATE |
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Published
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Mon, 05 Mar 2007 09:46
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(Adds background)LONDON (AFX) - Apollo Management LP confirmed it has agreed to a 1.008 bln stg takeover of Britain's biggest estate agency chain Countrywide PLC.The company said the offer values Countrywide shares at 590 pence each at a 28 pct premium to Countrywide's share price on Sept 13 2006.Apollo Management said it has reached an agreement with Countrywide on the terms of the recommended offer for Countrywide at 510 pence in cash and 0.16487 Rightmove PLC shares for every Countrywide share held.On Friday, online property advertising group Rightmove said its shareholders would sell their shares in the company if one of its major stakeholders, Countrywide, is bought by Apollo.Countrywide owns 21.5 pct of Rightmove, while the Halifax and Connells estate agents hold a 21 pct stake each in the firm, and Royal & Sun Alliance has 5 pct. Management and employees also own part of the company.Rightmove's shareholders had, however, put no timeframe on the disposal of their shares but have agreed to sell together if the deal goes through.newsdesk@afxnews.comssr/tsm/nesCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Countrywide expected to give 'positive reaction' to Apollo takeover terms 