DTZ takeover collapses
Published: 17 October, 2011
BNP-backed bidder pulls out of takeover talks
As long ago as May 2011 DTZ announced that it was in preliminary discussions with St George Participations, supported by BNP Paribas, among others.
The Takeover Panel had set a deadline of this week for SGP to announce whyether or not it was proceeding with the bid, and today, in a Stock Exchange announcement, DTZ said: “The discussions between SGP (and BNP Paribas) and DTZ have now been terminated and SGP confirms that it has decided not to proceed further with an offer for DTZ.
The financial turmoil facing the Eurozone is understood to have been a factor behind the decision, but both SGP and BNP-Paribas reserved the right to bid again if circumstances change.
