Last checked at 
(Alliance News) - Globalworth Real Estate Investments Ltd on Monday said it has formed an independent committee to evaluate the offer made by CPI Property Group SA and Aroundtown SA.
On Wednesday last week, CPI and Aroundtown together offered to buy out Globalworth for EUR774 million in cash.
The consortium offered EUR7 per share for the stake in Globalworth it doesn't already own, a 19% premium over last Tuesday's closing price. The bid values Globalworth at EUR1.57 billion, with CPI and Aroundtown currently owning just over half of the company.
Globalworth shares were trading flat in London on Monday at EUR7.36 each.
Globalworth said the independent committee is comprised of three independent directors of the company, Geoff Miller, John Whittle and Andreea Petreanu.
In the meantime, the company advised its shareholders to take no action in relation to the offer.
If the offer succeeds, CPI and Aroundtown would own 50% each of Globalworth. The buyers plan to increase investment in Globalworth's assets and expand its portfolio, saying joint ownership will give more access to capital and operational expertise.
CPI and Aroundtown are Frankfurt-listed real estate owners. 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 0.5% at EUR6.41 each on Monday. CPI shares were flat at EUR0.72 each
By Evelina Grecenko; evelinagrecenko@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
