US investment adviser Inclusive Capital Partners (In-Cap) has announced it was considering another bid for Countryside even though its previous offers were rejected by the construction firm’s board.
In-Cap said Countryside’s board prevented shareholders from making a lucrative deals after a 295p per share cash offer made by the San Francisco firm was axed on 26 May, the second time in two months.
The offer represents an adjusted premium of 31.4 per cent from Countryside’s share price and a 28.5 per cent hike on the construction firm’s volume weighted average price os 242.7p.”
“Countryside shareholders deserve the opportunity to decide on the merits of any offer, and that if an approach is made in good faith, the Countryside board should act in the interests of its shareholders by engaging with the potential offeror and not deny its shareholders this opportunity,” In-Cap said in a statement.
As an alternative to the cash offer, In-Cap suggested that an eligible Countryside shareholder should be entitled to receive rollover ordinary shares in exchange for their Countryside shares.
“In-Cap believes that the terms of its possible offer represent a compelling proposition for Countryside shareholders, providing a unique opportunity to realise their investments at a highly attractive premium,” In-Cap added.
“In-Cap further believes that the possible offer would also provide shareholders with transaction certainty against the continued and recently increased market volatility, macro-economic uncertainty and significant business risks facing the company.”