MBO vehicle Copthorn says it will compulsorily buy all shares by 7 April.
Alan Cherry took a step nearer to taking Countryside Properties private today when his MBO vehicle Copthorn announced that it was exercising its right to purchase all Countryside shares.
The Cherry family currently owns 94.5% of Countryside’s shares and under stock market rules it is able to compulsorily purchase all shares if it owns nine-tenths of the company. Copthorn said it expects to transfer the compulsorily acquired Countryside shares on 7 April.
Following the acquisition of the outstanding shares Cherry intends to re-register Countryside as a private company.
Last month Cherry through Copthorn raised its 275p-a-share offer for Countryside to 280p to stave off the threat of an alternative offer from Rock Pacific, which owned 28.1% of Countryside’s shares.