UK's Purplebricks gets $193.6 mln bid from shareholder Lecram (updated)

Purplebricks

26/05/2023 16:59

(Adds deal value in paragraph 2, board's comment in paragraph
3&5, background in paragraph 4, share move in last paragraph)
       May 26 (Reuters) - British online estate agent
Purplebricks Group Plc  PURP.L  said on Friday it had received
an indicative takeover proposal from one of its top shareholder
Lecram Holdings.
    Lecram has proposed 0.5 pence per Purplebricks share in
cash, valuing the company at 153.4 million pounds ($193.61
million).
    The Board does not "currently consider" that the bid shows
any substantial improvement from its proposed sale to smaller
rival, Strike Ltd last week.
    On May 17, Purplebricks, once valued at more than $1
billion, had agreed to be bought by Strike for just one pound.
    Purplebricks said Lecram's offer does not reflect
improvement with regards to "anticipated return to shareholders
and certainty for the Company's other stakeholders."
    Stock closed 39.20% higher on Friday at 0.66 pence.
    

($1 = 0.7923 pounds)
    

 (Reporting by Anchal Rana in Bengaluru; Additional reporting by
Hani Kollathodi, Editing by Rashmi Aich)
 ((Anchal.Rana@thomsonreuters.com; +91 9915609050;))