DTZ shares drop

DTZ is all over the news today, thanks to a rapid fall in its share price. It’s not surprising, given a statement it made this morning which doesn’t exactly paint an optimistic picture: “Based on the valuation of DTZ derived from proposals received to date, however, and, given the level of debt within DTZ, there is minimal value, if any, that may be attributed to the ordinary shares of DTZ, although the exact value is uncertain.” Its share price had plunged 76% before 9 a.m.

A previously announced takeover deal for DTZ by BNP Paribas and DTZ’s main shareholder fell through, reportedly due to worsening access to finance.

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