Shares of Countrywide PLC ORD (LON: CWD) skyrocketed on Monday morning after the company said that real estate management firm Connells has made a takeover bid.
The offer is work 250p a share in cash and values Countrywide at more than £90 million. This is significantly higher than Friday’s closing price of 145p.
“The approach is at an early stage and Connells Limited has indicated that any offer is conditional upon, amongst other things, completion of confirmatory due diligence and the recommendation of the board of Countrywide,” the company said in the statement.
“There can be no certainty that an offer will be made, nor as to the terms of any such offer, should one be made,” it added.
Connells’ offer comes less than a year after Countrywide and LSL Property Services discussed a possible merger. However, these talks ended without an agreement.
Countrywide share price exploded 57% to trade at 228 earlier this morning.
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