IN BRIEF: Bidders extend offer for Globalworth amid lacklustre take-up

Globalworth Real Estate Investments Ltd - real estate investor - Takeover offer from CPI Property ...

Alliance News 17 June, 2021 | 12:11PM
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Globalworth Real Estate Investments Ltd - real estate investor - Takeover offer from CPI Property Group SA and Aroundtown SA gets extension for acceptances until 1pm London time on June 30. Previous deadline passed on Wednesday.

Globalworth notes extension and also that consortium - which already owns 52% of Globalworth shares - has only received acceptances in respect of 671,687 Globalworth shares, representing 0.3% stake. Independent committee continues to advise Globalworth shareholders to take no action in relation to the offer.

In mid-April, CPI and Aroundtown together offered to buy out Globalworth for EUR774 million in cash. The consortium offered EUR7 per share for the stake in Globalworth it doesn't already own. The bid values Globalworth at EUR1.57 billion.

"The independent committee remains willing to discuss with the consortium alternative transactions to the offer that may deliver greater value to all Globalworth shareholders and continues to seek clarity in respect of the consortium's anticipated plans for Globalworth," it says.

Current stock price: EUR7.3

Year-to-date change: up 2.5%

By Lucy Heming; lucyheming@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Globalworth Real Estate Investments Ord 6.67 EUR 0.00 -

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