Takeover deal to be defended

THE chairman of property firm Countrywide will write to shareholders this week defending a £940m takeover deal from investor criticism.

Artisan Partners, a US investment manager which owns more than 7% of the property group, wrote to Countrywide non-executive directors last week saying a planned takeover deal from a management team backed by 3i Group, did not reflect “full and fair value” to shareholders.

The takeover deal offers shareholders 490p in cash per Countrywide share plus 0.16518 Rightmove shares.