Property Portal Watch breaks the news that the management of PropertyFinder have failed in their bid to take over the company.
But not all is lost (just yet). The post announces there were three bids and now the group have entered into due diligence and exclusivity with one of them. For those of you unfamiliar with company purchases, due diligence and the like, the highest bidder (99 times out of 100) will conduct due diligence, which is effectively a detailed examination of the business, its books etc. At the end of an agreed period and some further bartering a deal is either concluded or not. It is time consuming and tedious, I know, I have done it.
Anyway, the more interesting question remains, who is the mystery bidder and what will they do with it if successful, strip the assets, keep it, other?
There are a few likely candidates and to make it a little more interesting, how about we run a book as follows:
DMGT - 2/1
Trinity Mirror - 5/1
GMG - 8/1
Zoopla - 4/1
Rightmove - 4/1
The Owl - 100/1