Purplebricks Group PLC (AIM:PURP) shares perked up as the online-led estate agency officially launched a formal sale process, having received "several credible expressions of interest".
These followed the AIM-listed company beginning a strategic review last month alongside yet another profit warning, due to dwindling instructions amid the recent housing market dip.
The board said it would pursue these approaches in a coordinated fashion under the UK takeover code, alongside engaging with a wider range of potentially interested parties in relation to a potential acquisition of the company.
“It remains possible that, following completion of the formal sale process, the board will consider that Purplebricks and its shareholders would be best served by alternative strategic options available to the company, including by Purplebricks remaining a listed company,” the company said in the announcement.
Zeus Capital and PricewaterhouseCoopers have been appointed as financial advisers for the strategic review, the formal sale process and any potential offer, through which any expressions of interest should be made.
Shareholders have been advised that today’s announcement does not represent a firm intention by any party of an offer “and there can be no certainly that any offers will be made”.
Purplebricks will update the market in due course regarding timings for the Formal Sale Process.