Apollo confirms offer approach to buy Countrywide for 590p/shr |
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Wed, 21 Feb 2007 08:41
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LONDON (AFX) - US private equity firm Apollo Management LP confirmed it has proposed to buy Countrywide PLC, the UK's biggest estate agency, in a recommended offer for about 590 pence a share.The buy-out firm has proposed to pay 505 pence in cash per Countrywide share, plus the equivalent of about 85 pence per share in Rightmove PLC shares. Countrywide owns 21.5 pct of Rightmove, Britain's leading property website.Apollo has also proposed allowing shareholders to exchange some or all of the cash receivable under the possible offer for an ongoing unlisted investment in the company, subject amongst other things to an aggregate limit of 100 mln stg.Apollo said its bid depends on support from a number of significant shareholders in Countrywide, particularly from those who voted against a previous offer from Charlie Holdco 4 Ltd.The Financial Times reported today that Apollo was expected to make a 1.01 bln stg bid for Countrywide.Apollo stressed that there can be no certainty that a formal offer for Countrywide will ultimately be forthcoming or that, if made, an offer will be on the foregoing terms.newsdesk@afxnews.comfaj/slmCOPYRIGHTCopyright AFX News Limited 2006. 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 confirms received new preliminary approach for company 