US investment firm Inclusive Capital on Monday said it was looking to make a £1.47bn bid for Countryside Partnerships but accused the company of refusing to engage with it.
In-Cap, which holds a 9.2% stake in Countryside, said the possible offer was to buy the remaining shares in the house builder it does not already own for 295 pence each.
However, the San Francisco firm said Countryside would not engage in talks or provide access to due diligence materials.
“The In-Cap team believes that Countryside shareholders deserve the opportunity to decide on the merits of any offer, and that if an approach is made in good faith, the Countryside board should act in the interests of its shareholders by engaging with the potential offeror and not deny its shareholders this opportunity,” the company said.