Fri, 21 Oct 2011 | BUSINESS SALE
Property agent, DTZ, as put itself on the market after its largest shareholder walked away from a planned takeover deal.
Saint George Participations - which already owns 55 per cent of the company - had offered around £150 million in May for the rest of the company. Its plans had been to then take the company private and sell it on to the property division of French bank, BNP Paribas.
The deal fell apart earlier this week, however, and DTZ has said they have already "received preliminary indications of interest from a number of parties potentially interested in acquiring DTZ". The company has implemented a formal sale process in order to be able to analyse the expressions of interest.
This status, under new takeover rules, means that the bidders will be able to stay anonymous and the interest companies will not have "put-up-or-shut-up" warnings imposed on them.
The next two years will begin maturities on DTZ's £106 million of debt, and former chief executive, Paul Idzik, has been looking to establish a rescue deal for the company in a mission aimed at shoring up its finances.
Groups from across the globe are understood to be among the interested parties, including Australian support services group UGL, as well as businesses from the Middle East and Malaysia.
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