Sale of Business (2363A)

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

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