LSL calls off takeover with Countrywide
LSL Property Services has called off a potential takeover with Countrywide.
LSL has claimed that it no longer intends to make an offer for the Countrywide estate agency network.
There was a deadline of 24 March which LSL had to make an offer or withdraw under rules stipulated by the London Stock Exchange.
In a statement to the City and its stakeholders on the 16 March, LSL Property Services said: “On 24 February LSL Property Services plc and Countrywide each confirmed they were in discussions regarding a possible all share combination.
“LSL today confirms that it does not intend to make an offer for Countrywide.”
It is unknown as to why LSL has halted negotiations.
This follows news that Countrywide’s bid to sell its commercial property business for £38m to Fitzrovia-based commercial real estate consultants Lambert Smith Hampton had fallen through.
LSL recently published their 2019 results which showed LSL’s financial services business, which includes Primis Mortgage Network, Embrace Financial Services and TMA, delivered mortgage completions totalling £31.7bn.
LSL’s market share is estimated to be 8.5% of the total market value of mortgage completions, which is up from the 8% recorded in 2018.