The chief executive of London-listed Globalworth Real Estate Investments has agreed to sell his shares in the company to two of its shareholders.
Dimitris Raptis said a €1.6bn takeover offer from CPI Property Group and Aroundtown, made earlier this year, “does not reflect the fundamental value of the company”.
However, a statement from the company added that “in light of his personal circumstances and concern as to the future liquidity and trading value of the Globalworth shares”, Raptis intends to accept the offer.
The company’s independent committee, formed to review the offer, will also tender its collective shares.
CPI and Aroundtown already held roughly 51.5% of Globalworth’s share capital between them, and this month combined their holdings in Zakiono Enterprises, their acquisition vehicle.
That gave Zakiono sufficient voting rights to exert statutory control over the company, including the ability to appoint and remove directors. Globalworth said the change of control would have “a number of impacts”, including affecting financing arrangements subject to change of control provisions, governance arrangements and shareholder voting.
Since then, CPI and Aroundtown have lowered the necessary acceptance level for their offer from 90% of voting rights to 50%, and declared the deal unconditional.
They have committed to keeping the company’s AIM listing until at least next summer.
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