Belvoir this morning has confirmed that it does not intend proceed with the possible merger offer for The Property Franchise Group.
TPFG had made clear its concerns, describing it as an attempted hostile take-over.
It said that the £33.7m offer that Belvoir put on the table significantly undervalued it.
Belvoir’s statement this morning said: “Although the terms set out by Belvoir in its announcements of 19 October 2017 and 1 November 2017 set out Belvoir’s preferred structure through which to combine the businesses of Belvoir and The Property Franchise Group, it is not possible, given the concentration of The Property Franchise Group shares held by The Property Franchise Group’s directors and their connected persons being 49.3% of the The Property Franchise Group issued share capital, to implement the Possible Merger Offer without the engagement and agreement of the directors of The Property Franchise Group, which, as at the date of this announcement, has still not been forthcoming.
“Belvoir notes the announcement of 2 November 2017 by The Property Franchise Group confirming its position.
“The Belvoir board is disappointed that The Property Franchise Group board has declined to enter into a dialogue, not least given that The Property Franchise Group board itself has recognised the scale that would be achieved in combining the two businesses and moreover, given a number of common institutional shareholders have publicly stated their support, in principle, for a dialogue between the boards of Belvoir and The Property Franchise Group with regard to the possible merger offer, as announced by Belvoir on 14 November 2017.
“Consequently, with regret, given that the Rule 2.6 deadline under the Code is 5pm today and in the absence of any engagement from the directors of The Property Franchise Group, Belvoir is now effectively unable to progress its possible merger offer.”
Comments (4)
Correction: ‘Belvoir withdraws third uninvited, unwanted, poor offer to a company whose directors have no wish to receive their P45s’.
Belvoir withdraws third uninvited, unwanted, poor offer to a company with no interest in a merger.
In the current news cycle, you’d have thought they’d rather not be associated with unwanted advances.
Very impressed with Belvoir . Initially sceptical at first that the semi-retired Winco had the necessary to rollout but fair play to him and Dorian they certainly have done an excellent job with some good acquisitions including regular poster here Eric’s Northwood Certainly ambitious
In a dog eat dog envirionment maybe Belvoir are themsleves likely takeover material
Perfect antidote to the abysmal showing by Bricks letting side .Certainly would with one £35/45m bite have an instant national hybrid platform by acquiring Belvoir
Belvoir themselves would have achieved this in reverse with Ewemove if their bid had been successful