Countryside shares are up 20% on Monday: here’s the catalyst

Countryside Partnerships plc (LON: CSP) is up 20% on Monday after Inclusive Capital Partners said it was interested in buying the housebuilder for a “highly attractive premium”.

In-Cap is one of the largest shareholders of Countryside

The San Francisco-headquartered investment management company already has a 9.20% stake in Countryside Partnerships. In its statement this morning, In-Cap said:

Inclusive Capital is willing to pay 295 pence per share for the property developer; a close to 25% premium on the price at which CSP closed the last session. The cash offer values Countryside Partnerships at £1.47 billion.

Countryside board has already rejected two confidential offers

In-Cap took the proposal directly to shareholders this time, after the board of Countryside Partnerships rejected two of its previous confidential offers. The investment firm added:

The news comes shortly after Countryside Partnerships plc reported £181.5 million in pre-tax loss for its fiscal first half. The stock is still down more than 50% from its high in late August 2021.