Rightmove the UK property website has reportedly had one of its substantial share holders subject to a takeover bid. This share holder is Countrywide who hold a 22 per cent stake in Rightmove. In September, Countrywide said it had received a proposal from private equity firm 3i which is thought to have priced the business at around 530p a share - valuing it at around £900 million.
The latest news about the sale of the Countrywide UK's largest chain of estate agents has reportedly stalled in a disagreement over price.
About Countrywide
Countrywide plc is a financial services and property services group with an extensive distribution of over 800 estate agency offices. The companies’ estate agency subsidiaries are regionally based throughout the UK. The firm employ more than 7,000 people at its estate agency division. Most of them have been established for decades, and many are acknowledged as market leaders with an expert local knowledge of the residential property market. The division includes the Bairstow Eves, Taylors, Hethringtons and Mann & Co estate agencies. The company also offers financial and legal services and holds a 22 per cent stake in property website Rightmove.
About 3i
3i is a world leader in private equity and venture capital. The company are active across all stages of funding. From early-stage venture capital to growth capital and buyouts, 3i buyouts team funds small and mid-market deals, where the transaction value is up to €1bn (when they are the sole investor). 3i has a substantial portfolio spanning three continents.
An offer for Countrywide would represent the latest in a number of moves by investors who see a strong future for the housing market.
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