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US hedge fund orbits British homebuilders Countryside

The US hedge fund Inclusive Capital Partners orbits the British house builder Countryside

US hedge fund Inclusive Capital Partners is attempting a £1.5bn hostile takeover of Countryside Partnerships

A US hedge fund has ramped up its campaign to take over British construction company Countryside Partnerships.

Inclusive Capital Partners is attempting a £1.5billion hostile takeover after it was twice rejected by the board. It owns 9.2 percent of Countryside and has made its offer of 295 pence per share directly to investors.

It believes Countryside would be better off in private hands, which would facilitate a turnaround. The largest shareholder, Browning West, which holds 15.3 percent, has now written to the board asking to initiate a sales process.

Yesterday, In-Cap, which manages billions of dollars in assets, said it supports such a move.

Its founders say their passion is “the pursuit of a healthy planet and the health of its inhabitants.”

Countryside shares have risen since the in-cap’s investment began, rising 2.3 per cent, or 6.6 pence, to 289.4 pence, but have fallen 42 per cent over the past year.

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US hedge fund orbits British homebuilders Countryside

Source link US hedge fund orbits British homebuilders Countryside

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