The underperforming housebuilder, Countryside Properties, has reported weak full-year results. A management buy-out offer from the family of chairman Alan Cherry, looks likely to succeed, as no third-party bidder has emerged so far. A commercial property group may potentially consider acquiring Countryside for strategic reasons, but they would have to better the 275p-a-share offer proposed by the Cherry family, which considering the company's poor performance is doubtful.