Connells approached the board of Countrywide on 26th October in relation to the possible cash offer, and is currently carrying out due diligence to determine the feasibility of making a firm offer.
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In a statement, Connells said: "Connells believes that Countrywide needs a new management team, with real estate agency expertise, and a new strategy to turnaround the business."
A further announcement will be made in due course.
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