A&O takes lead role as DTZ seeks buyer
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Allen & Overy (A&O) is advising property services group DTZ as the company puts itself on the market following a failed takeover bid.
In partnership with BNP Paribas Real Estate, Saint Georges Participations (SGP), which already owns 55 per cent of DTZ, made a bid for the rest of the company but pulled out on 17 October. Its offer was reportedly worth around £150m
Following interest from a number of other bidders, DTZ has said that it will implement a formal sale process while it also considers other strategic options that would ensure long-term growth.
Corporate partner George Knighton is leading the A&O team acting for DTZ.
“We’ve been advising DTZ since it entered an offer period in May,” said Knighton. “It’s been interesting to continue to provide advice during the period in which the new Takeover Code provisions have come into effect, with the company being subject to the automatic fourweek ‘put up or shut up’ regime and having announced a formal sales process under the code last week.”
DTZ’s group general counsel and company secretary, Fiona Keddie, was a solicitor in A&O’s corporate finance department for three years until 1998. The company also instructs Clifford Chance on corporate matters.
