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Sat June 25 2022

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Countryside board agrees to sales talks

13 Jun The directors of listed housing developer Countryside Partnerships have relented to shareholder pressure and agreed to starts sales talks for the business.

Having rejected two takeover offers last month from one of its shareholders, Inclusive Capital Partners, the board of Countryside has now said that it will now listen to offers after all.

On 30th May Countryside revealed that it had rejected two unsolicited approaches made by In-Cap, saying that they undervalued the business.

Today it said: “Since the announcement of 30th May 2022, the board has received feedback from a number of significant shareholders regarding the future of the company. A meaningful number of shareholders believe that the company would be in a better position to capitalise on the opportunities ahead as a privately-owned company or as part of a larger business and have asked the board to actively seek offers for the company.

“In light of this feedback, the board has decided to conduct an orderly process to establish whether there is a bidder prepared to offer a value that the board considers compelling relative to the long-term standalone prospects of Countryside as a listed company. In the event no such compelling proposal is forthcoming, given the board's view of the significant potential for the business as a standalone entity, then the board is committed to Countryside remaining as an independent listed company.”

Currently, In-Cap is the only potential buyer at the table. However, an open invitation has been issued to any interested parties to get in touch with Countryside's lead financial adviser, Rothschild & Co.

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