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Apollo Says Major Shareholder Accepts its Bid for Countrywide

AFX
Tuesday, 1 May 2007 | 7:01 AM ET

Apollo Management said Polygon Global Opportunities Master Fund has agreed to accept its revised recommended offer for estate agency chain Countrywide and would not support the competing proposal from a third party.

Polygon owns shares and contracts for differences in respect of 29.9% of Countrywide.

Apollo announced an improved offer of 530 pence in cash and 0.16487 Rightmove shares per Countrywide share on April 12 after the target received an approach from a third party. The revised offer values Countrywide at 1.054 billion pounds ($2.112 billion).

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