SHARES in DTZ have crashed by more than 86 per cent after the property consultancy, which is in takeover talks with several unknown bidders, said the equity in its business was worth “minimal value”, if anything at all.
The company put itself up for sale last month, just days after its majority shareholder Saint George Participations, which owns 55 per cent of DTZ, was forced to abandon a bid because of the Eurozone debt crisis.
The collapse of the bid, which would have seen DTZ then merged with BNP Paribas Real Estate, left the agency “reviewing its strategic options”.
However, DTZ yesterday announced that based on the valuation of the proposals it had received so far, and given its level of debt “there is minimal value, if any, that may be attributed” to its shares.
The fall in the share price has wiped £44m from DTZ’s market value and means DTZ is worth less than £10m. Shares, which were worth as much as 835p in 2006, closed at 2.85p.
The agency, which is saddled with net debt of £64m, has struggled to recover since the crisis in 2008.
DTZ yesterday would not confirm the bidders but said there were no formal offers on the table yet.