A €1.6bn (£1.3bn) takeover offer for London-listed Globalworth Real Estate Investments has been declared unconditional after the shareholders behind it lowered the acceptance conditions.
CPI Property Group and Aroundtown launched their offer for Globalworth in April. Globalworth said the bid “materially undervalues” the company.
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.
Now, CPI and Aroundtown have lowered the necessary acceptance level for their offer from 90% of voting rights to 50% and declared the deal unconditional.
Globalworth said: “The independent committee is considering this development together with its advisers and will make a further announcement in due course.
“In the meantime, the independent committee continues to advise Globalworth shareholders to take no action in relation to the offer.”
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