Vistry said on November 11 that following the High Court’s sanctioning of the scheme on November 10, the merger had become “effective”. Countryside’s listing on the London Stock Exchange is set to be removed on Monday. Dealings in its shares were suspended on November 11.
The £1.25 billion merger as a cash and share offer was announced on September 5. In a statement to the stock exchange at the time, Vistry said combining the two firms would create one of the country's leading homebuilders, comprising a top-tier housebuilder and a leading partnerships business, with capability across all housing tenures, and delivering much-needed affordable housing.
Under the merger, Tim Lawlor, Countryside’s chief financial officer, will take the same post at Vistry. As Vistry announced last month, Earl Sibley, currently Vistry’s CFO, will become its chief operating officer. He will also be a director of Countryside.
In June, Countryside put itself up for sale following various challenges. After undertaking a review of its site operations early this year, it concluded that it had failed to manage its expansion plans.
On September 5, Vistry’s ceo Greg Fitzgerald, said: "The proposed combination will add the strength of the Countryside brand to Vistry's own well-established Bovis Homes and Linden Homes brands and will leverage the skills and market knowledge of both the Countryside and Vistry teams.”
