Slaughter and May is advising Countrywide plc on its recommended cash acquisition by Connells Limited

Slaughter and May is advising Countrywide plc ("Countrywide") on the recommended cash acquisition of Countrywide’s entire issued and to be issued share capital by Connells Limited, to be carried out by way of a court-sanctioned scheme of arrangement between Countrywide and its shareholders. Connells announced a firm intention to make an offer for Countrywide on 7 December 2020, and announced an increase to its offer price with the recommendation of the board of directors of Countrywide on 31 December 2020.

Under the terms of the acquisition, each Countrywide shareholder will be entitled to receive 395 pence in cash for each Countrywide share they hold. The acquisition values the entire issued and to be issued share capital of Countrywide at approximately £134.4 million and is expected to complete in the first quarter of 2021, subject to receipt of certain shareholder and regulatory approvals.

Jefferies and Barclays are acting as joint financial advisers and joint corporate brokers to Countrywide.

Slaughter and May is supporting Countrywide’s in-house legal team led by Gareth Williams (Head of Legal and Company Secretary) with Katherine Stockwell (Senior Counsel).