() today confirmed it has received a preliminary takeover approach from fellow estate agent The Property Franchise Group PLC (LON:TPFG).
No financial details were released and Hunters said terms remain subject to due diligence and further discussions between the two groups.
At a price of 95p per share, Hunters is worth around £20mln in total or less than half the value of TPFG, which comprises a stable of estate agents including Ellis & Co, Martin & Co and Parkers.
Estate agents have become almost as hot as property in recent weeks as house sales have boomed after the easing of coronavirus lockdown restrictions.
Letting specialist PLC () this week rejected a 250p per share offer from fellow agent Connells that valued it at £126mln with private equity group Alchemy also interested in taking a stake.
Hunters, which is chaired by Tory MP Kevin Hollinrake, has more than 200 branches across the UK.
Glynis Frew, the group’s chief executive, told Sky News it was routine for Hunters to consider new opportunities on an ongoing basis.
Read More: Hunters Property PLC confirms bid talks with Property Franchise Group