LSL Property Services has confirmed it is in talks with Countrywide over a potential merger.
The residential property group released a statement in response to recent press speculation, with a possible merger widely reported to be worth more than £500m and have the potential to create the largest estate agency group in the UK.
The statement indicated talks have been ongoing over a ‘possible all-share combination,’ although the update also revealed there was ‘no certainty’ that any offer would ultimately be made for Countrywide.
LSL, the parent company of TMA Mortgage Club and PRIMIS Mortgage Network, also highlighted that it reserved the right to introduce other forms of consideration or vary the ‘mix or composition of consideration’ of any offer.
The statement revealed that LSL was required to announce a firm intention to make an offer for Countrywide by no later than 23 March 2020, and the property group added that it would be making further announcements in due course.
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