Lecram withdraws takeover proposal for Purplebricks

Beleaguered estate agent Purplebricks said on Wednesday that shareholder Lecram Holdings has withdrawn its takeover proposal for the group.

Purplebricks announced on 17 May that it had agreed to be bought by rival Strike for just £1.

However, a week later, Lecram made an indicative takeover proposal of 0.5p per share. Purplebricks said at the time that the proposal from Lecram was not an improvement on the sale to Strike and that it would continue to recommend shareholders vote in favour of the Strike deal.

It said in a brief statement on Wednesday that the offer from Lecram - one of its top shareholders - has been withdrawn, and that it does not intend to make an offer "at the current time".

Purplebricks added: "With regard to the proposed sale of business and assets to Strike Limited, the board continues to recommend the company's shareholders vote in favour the resolutions being proposed at its general meeting to take place on 2 June 2023 in order to implement the proposed sale."

At 1000 BST, the shares were down 26% at 0.6p.