Australian bidder for DTZ
Commercial property agency DTZ, which has an office in Nottingham, has announced it has allowed the Australian corporate real estate consultancy UGL to make a bid for the company.
UGL, listed on the Australian Securities Exchange, has until 6 December to announce a firm intention to make a bid under the City Code on Takeovers and Mergers. However, DTZ said that given the level of debt in the business, minimal value will be attributed to the shares.
The combined property services business would have approximately 24,000 employees, 225 offices and operate in 45 countries.
DTZ announced last month that it was looking for a buyer following the breakdown of takeover talks with its largest shareholder, French family firm Saint George Participations.
The company's shares crashed on Friday (4 November) from 21p to 3p and closed last night at 2.85p.
