Countryside Partnerships PLC (LSE:CSP), which recently rejected two unsolicited offers from US fund Inclusive Capital, said it will conduct a formal sale process in response to feedback from a "number of significant shareholders".
The housebuilder added Inclusive Capital has confirmed it wishes to participate in the formal sale process and will no longer be subject to a so-called "put up or shut-up" deadline of June 27.
"Other than Inclusive Capital, the company is not currently in discussions with, nor in receipt of an approach from any potential offeror relating to an acquisition," a statement today said.
“A meaningful number of shareholders believe that the company would be in a better position to capitalise on the opportunities ahead as a privately owned company or as part of a larger business and have asked the board to actively seek offers for the company,” it said in a statement.
“In light of this feedback, the board has decided to conduct an orderly process to establish whether there is a bidder prepared to offer a value that the board considers compelling relative to the long-term standalone prospects of Countryside as a listed company.”
Last week, Inclusive Capital said it welcomed calls from the housebuilder’s largest shareholder, Browning West, to put the business up for sale via an auction.
READ: Countryside Partnerships bidder welcomes call for auction
The board of Countryside said today it was committed to the group remaining as an independent listed company if no compelling proposal is received.
In addition, the statement said it would be inappropriate to continue the previously announced share buy-back programme and will suspend it until the formal sale process is completed or terminated.