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LSL Property Says No Longer Plans To Make Offer For Countrywide; Both Stock Down

Shares of Countrywide plc (CWD.L) plunged around 39 percent in the early morning trading in London after LSL Property Services plc (LSL.L) announced that it no longer intends to make an offer for Countrywide. LSL Property shares were also down 10 percent.

On February 24, both LSL Property and Countrywide confirmed that they were in discussions regarding a possible all share combination.

In its statement, Countrywide now said its Board remains confident in the strength of the underlying business as an independent company.

Countrywide said it has been seeing the benefits from its 'Back to basics' turnaround plan, with continuing operations having returned to growth in profitability.

Countrywide said that it has "seen a positive mood swing in public sentiment through the early part of 2020 which we have seen reflected in a strong start in agreed sales which are ahead of the Board's expectations through February 2020. Whilst we have seen some softening in recent days as a result of Covid-19, it is too early to assess that impact.

The company expects to announce full year results later this month.

In London, Countrywide shares were trading at 100.28 pence, down 39.10 percent, and LSL Property shares were trading at 223 pence, down 9.72 percent.

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