3rd Jun 2021 12:23
(Alliance News) - CPI Property Group SA and Aroundtown SA on Thursday extended the deadline for Globalworth Real Estate Investments Ltd shareholders to accept their hostile buyout bid to June 16.
The first closing date for CPI and Aroundtown's EUR7-per-share offer was June 2. The consortium, which already owns 52% of Globalworth shares, has so far received 0.3% in valid acceptances. It needs 90% for the deal to go ahead, although it may lower that threshold in accordance with takeover rules.
Shares in Globalworth were down 0.4% to EUR7.16 in London.
Globalworth on April 26 said the offer, which values the Guernsey-based firm at EUR1.57 billion, significantly undervalues the company and its net asset value of EUR8.68 per share.
On Thursday, Globalworth said it remains open to discussing alternative transactions with the consortium, and that it continues to advise shareholders to take no action on the offer.
CPI and Aroundtown are both Luxembourg-based real estate investors. Aroundtown's properties are mainly in Germany and the Netherlands, while CPI and Globalworth are focused on central and eastern Europe.
Aroundtown shares were down 0.6% to EUR6.84 in Frankfurt. CPI was unchanged at EUR0.73 in Frankfurt.
By Ivan Edwards; [email protected]
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