Countryside shares are up 20% on Monday: here’s the catalyst


Countryside shares are up 20% on Monday: here’s the catalyst

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Wajeeh Khan

May 30, 2022

Inclusive Capital wants to buy Countryside Partnerships for 295 pence a share.

The cash offer values the Brentwood-based housebuilder at £1.47 billion.

Shares of the UK property developer are trading up roughly 20% on Monday.

Countryside Partnerships plc (LON: CSP) is up 20% on Monday after Inclusive Capital Partners said it was interested in buying the housebuilder for a “highly attractive premium”.

In-Cap is one of the largest shareholders of Countryside

The San Francisco-headquartered investment management company already has a 9.20% stake in Countryside Partnerships. In its statement this morning, In-Cap said:

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We believe our offer provides Countryside shareholders with transaction certainty against the continued and recently increased market volatility, macro-economic uncertainty, and significant business risks facing the company.

Inclusive Capital is willing to pay 295 pence per share for the property developer; a close to 25% premium on the price at which CSP closed the last session. The cash offer values Countryside Partnerships at £1.47 billion.

Countryside board has already rejected two confidential offers

In-Cap took the proposal directly to shareholders this time, after the board of Countryside Partnerships rejected two of its previous confidential offers. The investment firm added:

In-Cap team believes Countryside shareholders deserve the opportunity to decide on merits of any offer, and if an approach is made in good faith, Countryside board should act in the interests of its shareholders by engaging with the potential offeror.

The news comes shortly after Countryside Partnerships plc reported £181.5 million in pre-tax loss for its fiscal first half. The stock is still down more than 50% from its high in late August 2021.

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