GO
Loading...

U.S. Apollo Secures Shareholder Backing for Countrywide Takeover

U.S. buyout firm Apollo Management secured backing from the shareholders of Countrywide for its revised 1.05 billion pound ($2.1 billion; 1.6 billion euros) takeover of the British real estate agency on Friday.

The cash and share offer received 98% of the votes cast at a shareholder meeting in London, easily surpassing the required 75%.

Apollo raised its offer on Thursday to 530 pence ($10.53; 7.82 euros) per share in cash and about 0.17 of a share in Rightmove, Britain's largest property Web site, to ward off an unidentified potential rival bidder.

Countrywide's shareholders rejected a 960 million pound ($1.9 billion; 1.4 billion euros) bid by 3i Group, Europe's biggest publicly traded buyout firm, in January after some investors said it was too low.

The acquisition of Countrywide will give New York-based Apollo around 1,200 agencies across Britain and the country's largest valuations and property surveying business at a time of fast-rising house prices.

Countrywide shares were 0.5% lower at 622 pence ($12.35; 9.17 euros) on the London Stock Exchange.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More*

Don't Miss

U.S. Video

  • Shoe designer Ruthie Davis, provides an outlook for luxury sales this holiday season.

  • Protesters related to the shooting of Michael Brown in Ferguson, Missouri are attempting to disrupt Black Friday shopping in front of the Macy's in Herald's Square, NYC. With, CNBC's Kelly Evans and Bill Griffeth.

  • This year Black Friday started a day early. Will Thanksgiving Day bargains boost the nearly 20% of annual sales retailers hope to see during the holiday season? Macy's Chairman & CEO Terry Lundgren discusses consumer confidence and how one of the world's largest department stores manages to pull in record crowds to make miracles on 34th Street.