Connells has made a new takeover bid for Countywide.

The lettings and estate agent has upped its offer to 325 pence per share following last weeks rejection of 250 pence per share, which made for an £82m offer.

This 30 per cent increase makes for a £112.1m bid in total and increases Countrywide’s valuation by 124 per cent since big activity began.

Countywide says: “The board will evaluate the merits of the Connells firm offer in consultation with the company’s major shareholders, together with all other available options for the company, including (but not limited to) the revised proposal from Alchemy.

“The board urges shareholders to take no action at this time in relation to the Connells firm offer.”

On 4 December, private equity group Alchemy Partners, which has proposed a cash injection into Countrywide at 250 pence per share, said that it had the support of “almost 45 per cent of Countrywide’s shareholders.”