UK's Purplebricks gains on potential deal talks with Strike

Purplebricks

15/03/2023 12:15

** Shares of Britain's biggest online-only estate agency
Purplebricks  PURP.L  rise as much as 17% to 8p; among top pct
gainers across all London-listed stocks
    ** Stock set to post best day since March 21, 2022, if gains
hold    
    ** Co says it held talks over a possible takeover offer with
Strike Ltd, but the smaller rival is not currently participating
in formal sale process
    ** According to local industry publication Estate Agent
Today, Strike is interested in combining the Purplebricks brand
with its own fee-free model
    ** PURP says it is uncertain on whether Strike will make an
offer, or the terms of any such offer 
    ** An NDA as part of the takeover process prevents Strike
from speaking with its investors to back the potential deal
    ** Co says Strike to announce its decision on making an
offer by April 12
    ** Including session's gains, stock has fallen ~16% YTD

 (Reporting by Sruthi Narasimha Chari in Bengaluru)
 ((Sruthinarasimha.chari@thomsonreuters.com))