Report of rival bid for DTZ as market awaits action from SGP
As the market waits for Saint George Participations (SGP) to make an offer for the remainder of DTZ that it does not already own, a report in today’s Telegraph appears to be cranking up the pressure on the French group to act, with talk of Australian support services group UGL emerging as a rival bidder.
The paper also reports a claim that SGP, the 55% shareholder in DTZ, is preventing other interested parties from gaining access to the data room and entering into detailed talks.
SGP wants to take the publicly listed DTZ private and merge it with BNP Paribas Real Estate. It is understood to be working on a bid of 60p per share, or £160m. DTZ first announced it had received early-stage offer approaches in May. It confirmed in June that it was “continuing to review approaches of interest” in addition to the discussions with SGP. Shares in DTZ closed at 44.5p at the end of last week, valuing it at £120m.
DTZ is due on Thursday to report full-year results for the 12 months to the end of April. The consensus forecast among analysts is for a pre-tax loss of around £2m on revenues of about £350m, the Telegraph says.
