| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: REAL ESTATE |
New date for Countrywide EGM |
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Wed 17 Jan 2007
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LONDON (SHARECAST) - Countrywide said this morning that an EGM, adjourned Monday to allow private equity bidder 3i more time to court dissenters, has been reconvened for 26 January.
Fund manager Standard Life Investments, hedge fund Boussard & Gavaudan Asset Management and US investment manager Artisan Partners are all against the current offer.
Last month, Countrywide agreed a £971m cash and shares offer from a 3i-backed management team that includes managing director Harry Hill, finance boss Mike Nower and Grenville Turner.
Shareholders will receive 490p in cash and 0.16518 Rightmove shares for every share they hold. Countrywide holds 21.5% of Rightmove.
“The independent directors continue to recommend unanimously that shareholders vote in favour of the resolutions to be proposed at the reconvened court meeting and the reconvened EGM,” said the group today.
“Further, the independent directors would like to reiterate that no potential competing offer for the company has been made and they are not aware of any other parties that are currently contemplating making a competing offer for Countrywide.”
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