Alchemy adds partial offer to the mix in hope of Countrywide transformation

Alchemy adds partial offer to the mix in hope of Countrywide transformation

On 2 December 2020, Countrywide, who had previously announced a possible offer from rival Connells, confirmed a second possible bidder in the form of Alchemy Partners.

The Alchemy proposal was first announced by Countrywide in October and consisted of a £90m equity raise to be fully underwritten by Alchemy by way of a firm placing, placing and open offer at an issue price of 135 pence per share. However, this received insufficient support from Countrywide shareholders. The terms of the new proposal include;

  • ‘an opportunity for existing shareholders to sell their Countrywide shares at 250 pence per share to be fully funded by Alchemy Partners’.  This may be structured as a takeover offer in cash.
  • a recapitalisation of the Countrywide of approximately £70m to be fully underwritten by Alchemy Partners, comprising a firm placing and an

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