Countrywide accepts 3i's offer according to reports

Essex based estate agent Countrywide has accepted an offer of around £900m from VC 3i, according to reports from the national press.Essex based estate agent Countrywide has accepted an offer of around £900m from VC 3i, according to reports from the national press.

It is understood that 3i plans to back chief executive Harry Hill in an MBO, although Countrywide is yet to make an announcement to the stock exchange.

The company's shares were a shade down at 514p on the speculation.

There were reports earlier in the month that talks between 3i and Countrywide had broken down because the Witham based estate agent was unwilling to accept the 530p per share offered.

Countrywide is the largest UK estate agency and property services group operates four divisions: an estate agency; a financial services business; residential surveying and valuation; and residential conveyancing.