Alchemy Partners LLP revised its proposal to take control of Chesnara plc (LSE:CSN) after the latter rejected Connells Limited’s bid to buy the business. Alchemy's offer now stands at £2.50 per share for Countrywide's entire issued and to be issued share capital as well as a recapitalization of about £70 million to be fully underwritten by Alchemy. The recapitalization comprises a £35 million placement of roughly 15.6 million shares for £2.25 apiece and an open offer of 35 million shares for £1.00 apiece following the completion of the cash offer and placement. Alchemy's offer also provides Countrywide's shareholders the opportunity to sell their shares or to participate alongside Alchemy in the recapitalization. Alchemy secured support from shareholders holding 14,700,048 Countrywide shares, representing 44.8% of Countrywide's current issued share capital Dec. 3. Countrywide shareholders supporting the offer include Oaktree Capital Management LP, Hosking Partners LLP, Jeremy John Hosking and Brandes International Partners LP. On December 2, Countrywide said its board unanimously rejected Connell's cash offer. In response, Connell said it is considering its options and urged stakeholders to take no action in relation to Alchemy's proposal.