REAL estate services plc DTZ, which employs around 250 people at its base in Birmingham, has announced today the start of a formal sale process of the company.
The decision follows Monday’s news that talks about a possible takeover by its largest shareholder, French family firm Saint George Participations, had broken down.
Saint George had planned to sell the business to the property arm of French bank BNP Paribas.
This is the latest development after takeover talks between DTZ and Saint Georges became public in May.
DTZ said today it had “received preliminary indications of interest from a number of parties” which could potentially acquire the company.
“(DTZ) will implement a formal sale process of the company which it will conduct alongside consideration of the other strategic options available… aimed at ensuring the long term growth of the business, addressing the capital structure and providing funds for future investment,” it said.
DTZ added that any party interested in participating in the formal sale process would not be required to be identified.
London-based corporate advisors Oriel Securities is acting for DTZ.
