Colliers UK gets discount bid from main shareholder
Property services group Colliers International UK (LON:COL) has received a takeover approach from Canadian property giant FirstService Corporation, its main shareholder.
Colliers said the price indicated was a slight discount to yesterday's closing price of 1.47p, at which price the group was valued at just over £2 million.
Colliers International UK is part of Colliers International, the world's third largest commercial real estate organisation with 512 offices in 61 countries. The UK operation employs 700 people in 13 main offices.
FirstService already has a 29.9% stake in the UK business and owns parts of the Collier International network in other parts of the world. It has until February 21 to make a firm offer.
Colliers has been losing money heavily over the past eighteen months, though in its latest trading update the group said it expected to break even in the second half of 2011.
In the half-year to June 2001, the group lost £3.99 million on turnover of £31 million.
FirstService manages more than 2.3 billion square feet of residential and commercial properties which includes in interest in Colliers International and the largest manager of residential communities in North America.
FirstService generates over US$2.2 billion in annual revenues and over 20,000 employees worldwide.
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