DTZ announces new preferred bidder

Property consultancy DTZ has announced the selection of new preferred bidder to buy the company.

Last month, the firm’s biggest shareholder Saint George Participations pulled out of a planned takeover of the firm. But in a statement today DTZ said it had selected Australian infrastructure company UGL as its new preferred bidder.

According to the statement, a potential combination of DTZ and UGL could create one of the world's largest real estate services operations.

The combined property services business would have approximately 24,000 permanent employees, 225 offices and operate in 45 countries, it said.

Under London Stock Exchange rules UGL must make a formal offer by no later than 5.00pm on 6 December 2011

Shares in DTZ yesterday slumped 87 per cent to 2.85p but had recovered slightly today on the back of the takeover news.


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