Modelling A.I. in Economics

Purplebricks Rebuffs Lecram Takeover Offer

Britain's Purplebricks Group Plc (PURP.L) said on Wednesday Lecram Holdings, one of the company's top shareholders, has withdrawn its takeover bid.

Lecram, which owns 10.6% of Purplebricks, had offered 80 pence per share for the company in April, valuing it at about 400 million pounds ($514.9 million).

Purplebricks said it had considered the offer and concluded that it was not in the best interests of its shareholders.

The company's shares were down 1.3% at 76.5 pence at 0840 GMT.

Lecram's withdrawal comes as Purplebricks faces increasing competition from online rivals. The company has also been criticized for its high fees and low levels of customer service.

In April, Purplebricks said it would cut its fees by 20% in a bid to win back customers. The company also said it would invest in its technology and marketing.

It remains to be seen whether these measures will be enough to turn around Purplebricks' fortunes. However, the withdrawal of Lecram's takeover bid is a positive development for the company. It shows that the market does not believe that Lecram's offer was fair value for Purplebricks.

The news is also likely to be welcomed by Purplebricks' management. The company has been under pressure from shareholders to improve its performance. The withdrawal of Lecram's takeover bid gives the company more time to implement its turnaround plan.

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