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 deal was only “10% likely” to succeed, amid a growing rebellion by hedge funds and other shareholders.
Jana, which is understood to be opposed to the MBO, yesterday revealed that it had raised its stake from 1.6 to 5.5%.
