Housebuilder says board is expected to recommend potential takeover bid which values firm at £72m.

Country & Metropolitan has announced that a potential offer of 300p per share is expected to be accepted by its board.

The housebuilder yesterday revealed that a mystery company had made an approach with a view to making an offer for the company.

The offer values the company at £72m. This morning (Thursday) its share price rose 8.5p to 289p.

C&M said that the discussions regarding the potential offer may or may not lead to an offer being made.