Purplebricks tanks as co grants Strike exclusivity to negotiate sale

Purplebricks

11/05/2023 08:43

** Shares in online estate agent Purplebricks Plc  PURP.L 
down 32.6% to 1.3 pence
    ** Co says it granted Strike Ltd an exclusive short period
on Wednesday to negotiate a possible sale as the smaller rival
said it did not intend to make an offer
    ** The "no intention to bid" follows Strike's earlier
disinterest in participating in the formal sale process, which
Purplebricks announced in March 
    ** PURP adds exclusivity does not incorporate any break fee
or inducement fee and allows the London-listed firm to pursue
other offers 
    ** Earlier this week, PURP said it was in talks with small
number of parties regarding sale of its business, although it
flagged that current deal talks, if concluded, would deliver
shareholder returns significantly below its present share price
    ** PURP down over 85% YTD, including session's losses

 (Reporting by Eva Mathews in Bengaluru)
 ((Eva.mathews@thomsonreuters.com))