US hedge fund Inclusive Capital Partners circles British housebuilder Countryside
US hedge fund Inclusive Capital Partners is attempting a hostile £1.5bn takeover of Countryside Partnerships
A US hedge fund has stepped up its campaign to take over British housebuilder Countryside Partnerships.
Inclusive Capital Partners is attempting a hostile £1.5billion takeover after being rejected twice by the board. It owns 9.2 per cent of Countryside, and has taken its 295p-per-share offer directly to investors.
It believes Countryside would be better off in private hands, which would facilitate a turnaround. The biggest shareholder, Browning West, which owns 15.3 per cent, has now written to the board asking it to kick off a sale process.
Yesterday, In-Cap, which manages billions of dollars worth of assets, said it supported such a move.
Its founders say their passion is the ‘pursuit of a healthy planet and the health of its inhabitants’.
Countryside stock is up since In-Cap’s interest began, and rose 2.3 per cent, or 6.6p, to 289.4p but is down 42 per cent in the past year.
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