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Countrywide says shareholders rejected offer from 3i

Countrywide says shareholders rejected offer from 3i

Countrywide PLC, Britain's largest chain of real-estate brokers, said Friday that shareholders rejected 3i Group PLC's 1.02 billion pound (US$2 billion; euro1.54 billion) offer to buy the business.
The cash-and-share offer got 58 percent of the votes at a shareholder meeting in London, Countrywide said in a statement. 3i, Europe's biggest publicly traded buyout firm, needed 75 percent of the votes to buy Countrywide.
"We are disappointed by the outcome ... but we respect the views of shareholders," Chairman Christopher Sporborg said. "We now have to move on and the board will be discussing the best way forward for the company."
Countrywide will report earnings for the 12 months through Dec. 31 on March 13.
The shares gained 1.9 percent to 535 pence (US$10.53; euro8.12) on the London Stock Exchange.


Updated : 2021-08-03 23:15 GMT+08:00