Sale of Business (2363A)
March 28 2012 - 2:58AM
UK Regulatory
TIDMCOL
RNS Number : 2363A
Colliers International UK PLC
28 March 2012
28 March 2012
Colliers International UK PLC
("Colliers International UK" or the "Company")
Colliers International UK business has been acquired by
FirstService Corporation
On 24 January 2012, Colliers International UK confirmed that it
had received an approach from FirstService Corporation
("FirstService"). In accordance with Rule 2.4(c) of the Takeover
Code ("the Code"), FirstService was required, pursuant to Rule
2.6(a) of the Code, by 5.00 p.m. on 21 February 2012 (the "relevant
deadline"), to either announce a firm intention to make an offer
for Colliers International UK, under Rule 2.7 of the Code, or
announce that it did not intend to make an offer for Colliers
International UK which would be treated as a statement to which
Rule 2.8 applies.
Following on from two extensions of the relevant deadline,
FirstService earlier today completed the acquisition from the
Company of all the trading operations of Colliers International UK
on a going concern basis, securing full continuation of the
Colliers International UK group's business for its clients and
staff.
The valuation of the Company derived from the FirstService
proposal meant that, given the level of debt within the Company,
there was minimal value, if any, to be attributed to the ordinary
shares of the Company and the transaction completed yesterday will
realise no value for the ordinary shares of the Company.
Colliers International UK confirms that it is no longer in
discussions (with FirstService or any other party) regarding a
possible offer for the issued share capital of the Company and that
it is no longer in an offer period. The previously announced
deadline by which, in accordance with Rule 2.6(a) of the Takeover
Code, FirstService was to have announced either a firm intention to
make an offer for the Company or announce that it does not intend
to make an offer for the Company has therefore, with the consent of
the Takeover Panel, been set aside.
An administrator was appointed this morning to the Company.
For further information, please visit www.colliers.com/uk or
contact:
Colliers International UK Tavistock Communications
020 7344 6641 020 7920 3150
Natasha Sunderland Jeremy Carey / Simon Hudson
Panmure Gordon
020 7459 3600
Tim Linacre / Fred Walsh
This information is provided by RNS
The company news service from the London Stock Exchange
END
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