Estate agency Countrywide plc, the owners of national property agents Bairstow Eves and others, has received a possible takeover offer from US buy-out firm Apollo Management.

Apollo has made a proposal to the board of Countrywide plc regarding a possible recommended offer which may be made on behalf of investment funds affiliated with Apollo.

It values each Countrywide share at approximately 590p.

This consists of 505p in cash per Countrywide share, plus the company’s entire 21.5% holding in Rightmove plc, worth approximately 85p per Countrywide share.

There can be no certainty that a formal offer for Countrywide will ultimately be forthcoming.

Countywide said a further announcement will be made as appropriate.

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