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UK - Apollo's £1bn bid for Countrywide likely to succeed

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Apollo's £1bn bid for Countrywide is likely to succeed when it faces a shareholder vote on Friday. It is thought that the hedge fund Polygon, which holds a 25.5% stake in the listed-estate agency chain, will vote in favour of Apollo's 590p per share bid on the back of an offer of stub equity.

Hedge fund shareholders including Boussard & Gavaudan were instrumental in rejecting 3i's 570p per share offer for Countrywide in January this year. 3i could still re-enter the bidding for the company before the vote goes ahead on Friday.
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