Countryside up for Sale

After rebuffing several bids from US Private Equity fund, Inclusive Capital, Countryside’s board has acknowledged a willingness to sell if the price is right.

Initially, the directors stated their belief that the previous offers undervalued Countryside and its market prospects and the shareholders would be better served by allowing the company to remain as an independent listed company.

Inclusive Capital returned serve by criticising the current board’s acquisition of Westleigh in 2018 and the appointment of the now departed CEO, and stating the company would be in better hands under their stewardship.

Subsequent shareholder pressure has forced a shift in position from the Countryside board whereby they are willing to “conduct an orderly process” of finding a bidder willing to offer a value “that the board considers compelling relative to the long-term standalone prospects of Countryside as a listed company.”

From this point, it’s hard to imagine Countryside not being acquired given the public statement and the interest in UK house building shown by a number of US Investment funds.