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UK's Purplebricks says shareholder Lecram withdraws bid

Reuters
·1-min read
FILE PHOTO: Sign for online estate agent Purplebricks is pictured outside a property in London

(Reuters) - Britain's Purplebricks Group Plc said on Wednesday Lecram Holdings, one of its top shareholders, had withdrawn its takeover proposal for the online estate agent.

The company said in a statement that Lecram had withdrawn its proposal and at the current time does not intend to make an offer for Purplebricks.

Lecram had proposed 0.5 pence per Purplebricks share in cash last week, valuing the company at about 1.5 million pounds ($1.89 million).

Earlier this month, Purplebricks, which was once valued at more than $1 billion, agreed to be bought by Strike for just one pound.

The company, which was launched in 2014, recommended that shareholders vote in favour of the Strike deal at its upcoming general meeting on June 2.

($1 = 0.7923 pounds)

(Reporting by Radhika Anilkumar in Bengaluru; Editing by Shailesh Kuber and Rashmi Aich)