The European Bank for Reconstruction and Development (EBRD) has agreed to sell its 5% stake in Globalworth to CPI Property Group and Germany's Aroundtown, which are pursuing a takeover bid of the Romanian office landlord.
The EBRD is expected to receive around €78 mln for the stake, after the bidding consortium offered €7 per share.
Globalworth, which is the largest owner of office properties in Romania, advised shareholders to reject the bid from CPI and Aroundtown, which together owned some 51.5% of the company at the start of the takeover process.
Globalworth's board said that the offer price 'significantly undervalued' the firm.
The EBRD said it a statement that it agreed with the Globalworth board that the bid 'undervalues' the firm, but added that it had 'decided to end its involvement', 'after achieving the objectives of this investment and changing the associated investment risks from the Committee in its 12th Legal Control Notice'.
Other small shareholders have also followed suit, bringing Aroundtown and CPI's current holding to around 59% of the firm.
Significant shareholder Growthpoint Properties, with a 29.5% stake, intially said it would not accept the offer, as did Oak Hill, which holds 5.3%. However, analysts have speculated that they may change their minds.
Globalworth is listed on the London Stock Exchange's AIM market, and manages commercial properties in Romania and Poland worth around €3 bn.
