Countryside Properties chairman Alan Cherry has launched a takeover bid for the company he founded, backed by other members of the management team, including his chief executive son, Graham. The move has sent Countryside's share price up 36%. The bid is thought to be between 270p and 280p per share, and is seen as an opportunistic attempt by the management team to take advantage of a recent fall in the share price that followed a profits warning in April. The Cherry family’s 20% stake in the plc puts them in a strong position to succeed.