Canadian property giant FirstService has until 5pm today to reveal its plans for a potential takeover of struggling listed agent Colliers International UK.
The firm, which is the majority shareholder in Colliers with a 30% stake, announced in January it was considering a takeover of the agent.
On 21 February, the Takeover Panel granted it a one month extension to the “put up or shut up” deadline, giving it until 5pm on 20 March to undertake further due diligence.
At the time of its initial announcement in January, FirstService warned that any offer for the firm was likely to be at a discount to Colliers’ current share price of less the 1p.
Last week, Estates Gazette revealed that the family owner of Colliers Austria had been quietly amassing a stake of Colliers International UK.
Colliers Austria managing director Georg Muzicant, whose grandfather founded the firm now operating under the Colliers franchise from its Vienna headquarters, has around 17m shares in the UK firm – or a stake of more than 11%.
The family has held a small stake in the UK business for some time but has upped its holding from around 8% in January.
bridget.o’connell@estatesgazette.com
