by Property Forum | Report

The Independent Committee of the Globalworth Board has published its response circular in connection with the unsolicited cash offer by CPI Property Group S.A. and Aroundtown SA at €7.00 per Globalworth share. The Independent Committee continues to believe that the offer significantly undervalues Globalworth, its assets and its prospects.


On 14 April 2021, CPI Property Group S.A  and Aroundtown announced a firm intention to make a cash offer for Globalworth pursuant to which Zakiono Enterprises Limited, an entity indirectly wholly owned by CPI, would acquire the entire issued and to be issued share capital not already owned by Zakiono or the Consortium at a price of €7.00 in cash per Globalworth share.

On 19 April 2021, Globalworth announced the formation of a committee comprising three independent directors, Geoff Miller, John Whittle and Andreea Petreanu, to evaluate the terms of the offer. The other Globalworth Directors were not considered independent for the purposes of evaluating the offer due to their connections to the members of the consortium (in respect of Martin Bartyzal, having been appointed by CPI pursuant to rights enshrined in Globalworth's articles of association, and David Maimon, having been nominated by Aroundtown and appointed by the Globalworth Board) or to Growthpoint as a significant Globalworth shareholder (in respect of Norbert Sasse as Growthpoint CEO having been appointed by Growthpoint pursuant to rights enshrined in Globalworth's articles of association and Richard van Vliet, having been nominated by Growthpoint and appointed by the Globalworth Board) or by reason of their executive management position (Dimitris Raptis as CEO).

The Independent Committee believes that the offer significantly undervalues Globalworth, its assets and its prospects.