March 04, 2007	Sunday	Safar 14, 1428

LONDON, March 3: US private equity firm Apollo said British real estate company Countrywide Plc had agreed to its one billion pound ($1.95bn) takeover offer.

Countrywide’s board agreed late on Friday to the offer worth 590 pence a share at Friday’s close. The bid includes 510 pence in cash and 80p per share of Rightmove, in which Countrywide owns a 21.5 per cent stake.

A 971 million pound management buyout of Countrywide, backed by British private equity company 3i, was rejected by investors in January.

“A number of key shareholders, including ones who voted against the previous offer from 3i, have indicated their support for Apollo’s offer for Countrywide,” Christopher Sporborg, Chairman of Countrywide, said in the statement.

Apollo said it had received letters of support for its offer from shareholders representing 23.8 per cent of the company.

Apollo's initial offer proposal, announced last month, was for 590p a share, consisting of 505p in cash plus a distribution of Countrywide's stake in Rightmove.

The Financial Times said the deal was made possible by the support of US investor Artisan for the offer.—Reuters