Normally a company in takeover talks would bidders to pay a premium and would expect to see its share price soar.
Not property consultancy DTZ. It has slumped 88% - down 18.75p to just 2.5p - after it said its shares could be worthless.
In an update on the bidding process first announced in the middle of October, it said it had received considerable interest in the business. But:
Based on the valuation of DTZ derived from proposals received to date, 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.
DTZ put itself up for sale after a proposed takeover by majority shareholder Saint George Participations - which was believed to value the company at some £160m - fell through because of the Eurozone crisis.
