International real estate broker DTZ has given its majority shareholder, St George Participations (SGP), and BNP Paribas a month to launch a takeover offer or walk away. DTZ has been in discussions with both parties since early May about a potential bid.
International real estate broker DTZ has given its majority shareholder, St George Participations (SGP), and BNP Paribas a month to launch a takeover offer or walk away. DTZ has been in discussions with both parties since early May about a potential bid.
On Friday, DTZ confirmed it remains in talks with SGP and BNP Paribas, but has asked them to make a move by 17 October or abandon the takeover bid.
'DTZ continues to evaluate alternative strategic options in the event that no satisfactory offer from SGP is received,' the company said in a press statement.
The lack of progress on the deal is said to have prompted the resignations in August of DTZ's Group Chief Executive, Paul Idzik, and Group Finance Director and Global Chief Operating Officer, Bob Rickert.
John Forrester was appointed as new CEO to replace Idzik, while James Thomson took over as as Group Finance Director and Global Chief Operating Officer.
London-listed DTZ posted a loss before tax of £0.6 mln for the year to end-April, compared to a £3 mln profit in 2010.
SGP is the French family firm that bought a majority stake in DTZ in 2009. It currently owns about 55% of DTZ.
