Hedge fund Polygon Investment Partners has increased its stake in Countrywide from 14.6% to 22.7%. The move has taken place just before the UK's biggest estate agency Countrywide is due to decide about a £1 bn takeover offer by the US private equity group Apollo, the Financial Times newspaper reported.
Hedge fund Polygon Investment Partners has increased its stake in Countrywide from 14.6% to 22.7%. The move has taken place just before the UK's biggest estate agency Countrywide is due to decide about a £1 bn takeover offer by the US private equity group Apollo, the Financial Times newspaper reported.
Polygon's stake would now be sufficient to derail the agreed offer by Apollo, on which shareholders are scheduled to vote next month, the daily said. Apollo's offer needs the green light of 75% of shareholders to be approved. The US group made a mixed cash-and-share bid for Countrywide, offering 505 pence per share in cash plus stocks in the property website Rightmove.
