SHARES in property consultant DTZ jumped yesterday after the company said it was reviewing a takeover bid from majority shareholder Saint George Participations (SGP).
French SGP – which owns 54 per cent of the company – made an initial approach in May, causing shares in DTZ to shoot up by more than 30 per cent to 51p. At the time SGP was said to be offering 60p per share. Shares in DTZ closed up 2.4 per cent at 42p yesterday
SGP is supported by BNP Paribas and there are suggestions that it may sell DTZ to the French bank’s real estate arm should the takeover bid prove successful.
BNP Paribas Real Estate would not be able to acquire DTZ directly without buying out SGP, which could get a better return by buying out the other shareholders and selling the entire firm to the French bank.