UK's Countrywide Rejects Alchemy's Offer, Appoints New CEO

British real estate agent Countrywide has appointed former William Hill chief Philip Bowcock as its CEO to lead talks on a new rescue deal, as shareholders rejected an offer from private equity firm Alchemy Partners, Reuters reported. The London-based company, one of several agents hurt by a coronavirus-driven drop in property sales this year, also said on Tuesday that executive chairman Peter Long had stepped down from his role and retired as a director with immediate effect. It said it was considering an amended deal with Alchemy as one possible capital raising option, along with injections of cash from existing shareholders and an offer from real estate management firm Connells Ltd. On Monday, Connells said that it had completed due diligence and confirmed its 250 pence per share offer for Countrywide, arguing that a significantly larger investment was needed than the 90 million pounds ($120.20 million) proposed by Alchemy. Read more