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Online estate agent Purplebricks has received a takeover offer from its largest shareholder, a week after saying it had agreed to sell its business and assets for £1 to online rival Strike.
The troubled property company said the new proposal came from investor Lecram Holdings, which had previously criticized the group’s leadership.
The offer is to acquire the entire issued and to be issued share capital of Purplebricks at a price of just 0.5p per share.
But the firm said it does not recommend Lecram’s offer to shareholders.
“The board currently does not believe that the proposal reflects an improvement on the proposed sale of businesses and assets to Strike,” Purplebricks said.
Strike, a rival online real estate agent backed by phone store and Talk Talk mr founder Charles Dunstonewithdrawn from the bidding for the entire share capital of the firm.
Instead, he offered a nominal £1 for his business and assets, including staff, but with plans to launch a redundancy program that is expected to impact field agents and central support teams at Purplebricks.
There was no indication on how many roles could go.
Purplebricks’ share price has crashed over the past year, losing almost 95% of its value. In mid-2022, a share was worth almost 20 pence. It is now worth less than 1p.
Lecram, which owns a stake of more than 5% in the embattled company, has previously criticized its leadership for being “overly optimistic” in its prospects and not moving fast enough to make improvements and salvage shareholder value.
He called for the ouster of chairman Paul Pindar last year and the appointment of property industry expert Harry Hill.
Lecram must make a firm offer or withdraw its proposal before June 23.
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