US firm confirms Countrywide move

John D Wood is one of Countrywide's estate agency brands

US private equity firm Apollo Management has said it has made an approach to UK estate agency group Countrywide about a possible bid.

Apollo said the move valued Countrywide - which owns a 21.5% stake in online estate agent Rightmove - at 590 pence a share or about £1bn ($1.95bn).

Countrywide last week said it had received a preliminary approach from an unnamed suitor.

In January, a £971m management buyout backed by equity group 3i failed.

The move did not manage to attract enough shareholder support.

Apollo also cautioned that the current approach may not lead to a bid saying "there can be no certainty that a formal offer for Countrywide will ultimately be forthcoming".

It added the proposal was conditional on winning support from shareholders, including those who rejected the 3i bid.

Reports also suggested that an approach from Apollo could trigger a bidding war with 3i, as the latter would consider making another formal bid.

Countrywide operates 1,200 estate agent offices and, as well as residential property sales and lettings, offers legal and financial services.