Countryside Partnerships launches formal sales process
By Joe Hoppe
Countryside Partnerships PLC said on Monday it had begun a formal sales process to determine if there was a bidder willing to offer it a compelling value proposition.
The homebuilder – formerly Countryside Properties – said that after rejecting a potential 1.47 billion pound ($1.81 billion) takeover from Inclusive Capital Partners LP for significantly undervaluing it on May 30, a significant number of shareholders provided their comments.
Shareholders believe Countryside would be better positioned to take advantage of opportunities as a private company or as part of a larger enterprise and have asked management to actively seek takeover offers, the company said.
As a result, Countryside has begun the formal sale process, seeking offers that offer compelling value over remaining a standalone listed company. If no such proposal is made, the company intends to remain an independent listed company, he said.
Interested parties will not have to be identified and will not be subject to the 28-day deadline during the process after agreement with the Takeover Panel, Countryside said.
Inclusive Capital has confirmed its wish to participate. No other parties are currently in sales discussions.
The company said it would also suspend its share buyback program until the process is complete.
Write to Joe Hoppe at joseph.hoppe@wsj.com