<p>Countryside has rejected two offers from Inclusive Capital Partners to potentially take over the housebuilder, stating that the proposals “undervalued the company”.</p> <p><span>Following an announcement from the US-based investment management firm, which holds a 9.2% stake in Countryside, the housebuilder confirmed that it had received two “unsolicited, non-binding, conditional proposals from Inclusive Capital in relation to a possible offer for the entire issued, and to be issued, share capital of the company”.</span></p> <p><span>The first proposal, made on April 14, was for a possible cash offer of 225 pence per Countryside share, the housebuilder explained. The second, received on May 17, raised the cash offer to 295 pence.</span></p> <p><span>“The proposals were subject to the satisfaction or waiver by Inclusive Capital of a number of pre-conditions, including the completion of detailed due diligence,” Countryside stated.</span></p> <p><span> </span><span>But after “carefully evaluating” each of the proposals with its financial adviser Rothschild &amp; Co, Countryside said it concluded that they “materially undervalued the company and its prospects.”</span></p> <p><span>It added: “In evaluating the proposals, the board believes that they do not reflect the opportunity for shareholder value creation taking into account Countryside's differentiated market position and attractive business.”</span></p> <p><span>In its announcement, Inclusive Capital said the terms …