GO
Loading...

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).

Featured

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More

Don't Miss

U.S. Video

  • Bitcoin. Digital gold rush or a shadowy tool empowering criminals on the dark web? What is really driving The Bitcoin Uprising? CNBC's Mary Thompson takes an in-depth look at this emerging digital currency by speaking to the bitcoin faithful, who believe the open source currency will upend the global financial system, as well as those who believe bitcoin is an easily manipulated tool that empowers criminals, hackers and drug barons in the dark online underworld. Although the future of bitcoin is uncertain, The Bitcoin Uprising sheds much needed light on the speculative currency and the future of money.

  • Loyalists around the world have embraced it as the cryptocurrency of the future, but some big names on the street differ widely in their beliefs about bitcoin. The Oracle of Omaha thinks it's a "joke." Tech entrepreneur Marc Andreessen counters that Buffett is out of touch, while bitcoin believers like Jonathan Rumion fully embrace the digital currency by buying groceries with bitcoin and even getting paid in bitcoin. CNBC's Mary Thompson reports.

  • Authorities say the online black-market bazaar Silk Road could be the tip of the iceberg when it comes to the criminal underworld using bitcoin for trading in illicit goods and services. On the "Dark Web," fake IDs, drugs, even hit men are all paid in bitcoin. CNBC's Mary Thompson explores why bitcoin is the currency of choice for criminal activity on the dark web and reports on the story of Mt. Gox, the largest bitcoin exchange, which shut down in February, leaving bitcoin investors holding the bag.