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(Alliance News) - CPI Property Group SA and Aroundtown SA on Thursday declared their takeover offer for Globalworth Real Estate Investments Ltd unconditional.
Frankfurt-listed property firms CPI and Aroundtown received acceptances from holders of only 2.7% of Globalworth shares. But they already hold 51% of Globalworth shares between them.
That means they can complete the deal by lowering the acceptance threshold to 50% from 90%.
The EUR7-per-share cash offer values Guernsey-based peer Globalworth at EUR1.57 billion.
All remaining conditions for the takeover have been satisfied, after the Romanian competition regulator gave its approval earlier on Thursday.
The buyers said they would extend the period in which Globalworth shareholders can accept the offer to July 23. The window has already been extended several times as few shareholders accepted the bid, with Globalworth saying it undervalues its prospects.
Globalworth shares closed down 0.3% at EUR6.66 in London on Thursday.
By Ivan Edwards; ivanedwards@alliancenews.com
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