Two shareholders in Globalworth Real Estate Investments have consolidated their stakes as they attempt to win a takeover of the Eastern European real estate investor.
CPI Property Group and Aroundtown launched a €1.6bn (£1.3bn) offer for London-listed Globalworth in April, which Globalworth said “materially undervalues” the company https://www.egi.co.uk/news/globalworth-says-e1-6bn-takeover-offer-materially-undervalues-business/.
CPI and Aroundtown between them already held roughly 51.5% of Globalworth’s share capital. Now, Globalworth has confirmed that CPI and Aroundtown have combined their holdings in Zakiono Enterprises, their acquisition vehicle.
“Zakiono now itself holds sufficient voting rights to exert statutory control over the company, including in due course the ability to appoint and remove directors from the board,” said Globalworth. “The independent committee is considering the implications of the change of control for the company and for minority shareholder rights and protections.”
Globalworth said the change of control will have “a number of impacts”, including affecting financing arrangements subject to change of control provisions, governance arrangements and shareholder voting.
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