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.

Countrywide still owns a 21.5% stake in the property-selling website.