Estate agency group Connells has brought its planned takeover of rival Countrywide closer after buying the stake in the business owned by spurned suitor Alchemy Partners.
Alchemy Partners struggled to win the backing of Countrywide shareholders last year for a recapitalisation of the debt-laden business. On New Year’s Eve, Connells announced that the Countrywide board would instead recommend shareholders accept its own £223m takeover bid.
Alchemy this week confirmed that it will not make a counteroffer for Countrywide, and has now sold its 2.73% stake in the company to Connells.
The deal means that Connells owns or has received support from shareholders holding 55.13% of Countrywide’s share capital. That sum includes the 5.85% stake held by fund house Schroders that Connells bought earlier this month.
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