Renthusiast2.0

The Independent reports that major shareholders are expected to revolt against the proposed takeover bid led by Henry Hill and 3i at todays shareholders meeting. In effect, the rebel shareholders think the company is undervalued, and argue that the offer does not reflect the health of the UK housing market, but outgoing chairman Sir Christopher Sporborg feels they’re being “slightly optimistic”.
Countrywide is urging investors to accept the offer, pointing to the Bank of England’s decision to raise interest rates and recent house price surveys to suggest that the UK housing market is cooling. Shareholders are voting at 10:30 this morning on the fate of the proposed takeover. Standard Life, Artisan Partners, Boussard & Gavaudan and US hedgefund Jana are spare heading the revolt. Polygon hedge fund and UBS bank raised their stakes in the company on Friday. Whether the deal goes through or not is “on a knife-edge,” according to a source close to Countrywide. Countrywide also owns 21.5% of Rightmove, the UK’s largest property search portal

UPDATE – Shareholder meeting delayed
via Bloomberg:
3i requested the delay in order to consult Countrywide’s main shareholders

Update – Jan. 18th
Countrywide announces shareholder meeting to reconvene on 26th January