Shares in Countryside Partnerships PLC rose Monday morning after Inclusive Capital Partners LP said it made two approaches to the company’s board with a potential takeover offer, both of which were rebuffed.

Shares in the Brentwood, England-based housebuilder and urban regeneration firm were 28% higher at 299.20 pence on Monday morning in London, giving Countryside a £1.50 billion market capitalisation.

San Francisco, California-based investor Inclusive said the offer - at 295 pence per share - represented a ‘compelling proposition for Countryside shareholders’.

The offer reflects a 24% premium from Countryside’s closing share price of 238.60 pence on Friday last week.

In-Cap currently owns 45.8 million shares in Countryside, reflecting a 9.2% interest in the group.

Countryside on Thursday last week told In-Cap it would not engage with the investor to provide access to due diligence materials. In-Cap said this is its second attempt to engage with the group over the past two months.

In-Cap now has until June 27 to announce a firm intention to make an offer or pull out.

‘In-Cap was founded to support businesses which generate positive impact on the environment and society. We believe Countryside is meeting a critical societal need and as a holder of approximately 9% of the issued share capital of Countryside, In-Cap believes Countryside is best positioned to serve this role and to succeed as a private company under ownership of investors with a long-term investment approach,’ said In-Cap Managing Partner Jeffrey Ubben.

‘In contrast, the board of directors of Countryside has presided over the flawed acquisition of Westleigh in 2018, a dilutive equity financing in 2020, and the appointment of a chief executive officer with little to no prior public company executive experience that oversaw overly ambitious expansion into new geographies and investment into excess manufacturing capacity that is now generating losses,’ Ubben added.

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