Apollo Says Major Shareholder Accepts its Bid for Countrywide

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).