GO
Loading...

Enter multiple symbols separated by commas

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.