Countrywide has rejected a potential 250p per share takeover from Connells.

Private equity group Alchemy Partners is reportedly submitting a revised proposals, and is in talks with Countrywide about a possible cash injection.

Connells confirmed a £82m takeover bid for Countrywide back in November.

Connells reconfirms offer to Countrywide following due diligence

In a trading statement released this morning, Countrywide stated: “On 23 November 2020, Connells announced that its due diligence work on Countrywide had been completed, that its offer price was re-confirmed at 250 pence per share in cash, and that the making of a firm offer was subject only to the recommendation of the Countrywide Board and shareholder support.

“Following a thorough review of the possible cash offer with its advisers, the Board has unanimously rejected the possible cash offer.”

In regard to the revised Alchemy proposal, Countrywide stated that it “would enable shareholders who wish to realise their investment in Countrywide to sell their shares to Alchemy Partners, whilst also enabling those shareholders who continue to believe in the potential of Countrywide to retain their existing stake and, if they choose, invest further capital.”

The trading statement emphasised that the Countrywide board “remains committed to engaging with all major shareholders to examine all potential options, including (but not limited to) the revised Alchemy proposal and a capital raise from existing shareholders of the company.”

Further announcements will reportedly be made “as and when appropriate” according to Countrywide.