Financial Times FT.com

Buy-out hopes fade after hedge fund raises Countrywide stake

By Jim Pickard, Property Correspondent

Published: January 13 2007 02:00 | Last updated: January 13 2007 02:00

A 3i-backed management buy-out of Countrywide looks increasingly likely to fail after Jana Partners, a US hedge fund,tripled its stake in the estate agent chain.

One analyst said Monday's vote on the £970m dealwas only "10 per cent likely" to succeed, amid a growing rebellion by hedge funds and other shareholders.

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