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UK - Countrywide a target again as Apollo circles

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Market sources suggest that Apollo is preparing to launch a bid for Countrywide. The UK estate agency chain was recently the subject of a 3i take-private bid which lost its footing after shareholders, including a number of hedge funds, believed 3i's offer undervalued the company.

Apollo's bid is likely to value Countrywide on the same scale as its recent acquisition of US-real estate company Realogy, that is a multiple of about 12 times earnings, compared to 3i's offer of under 9 times. Speculation that Countrywide's shareprice would drop following the rejection of 3i's offer has not materialised - shares are trading at approximately 535p, significantly above 3i's 490p offer.
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