TIDMDTZ

RNS Number : 6736R

DTZ Holdings PLC

08 November 2011

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION

8 November 2011

DTZ Holdings plc

('DTZ / 'Group' / 'Company')

Selection of preferred bidder

On 7 November 2011, DTZ announced that it continued to evaluate interest in the business generated through the formal sale process commenced on 19 October 2011.

DTZ is now pleased to announce that it has selected UGL Limited ('UGL') as its preferred bidder. In accordance with Rule 2.6(a) of the Code, UGL must, by no later than 5.00pm on 6 December 2011, announce a firm intention to make an offer for DTZ in accordance with Rule 2.7 of the City Code on Takeovers and Mergers (the "Code") or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.

A potential combination of DTZ and UGL could create one of the world's largest real estate services operations. UGL is a leader in corporate real estate advisory, integrated facilities management and project management services through its UGL Services business. UGL is listed on the Australian Securities Exchange and has a current market capitalisation of A$2.1bn (GBP1.4bn) and total revenue of A$4.6bn (GBP3.0bn). The pro forma combined 2011 revenue of UGL Services and DTZ would amount to GBP1.2 billion(1) , the third highest in the real estate services industry globally(2) .

The combined property services business would have approximately 24,000 permanent employees, 225 offices and operate in 45 countries. The key strategic benefit would be the bringing together of DTZ's business scale in Europe, Middle East and Asia Pacific with UGL's end to end corporate real estate and facilities management services to corporations, governments and institutions in Australia, New Zealand, North America and the Middle East(3) .

The valuation of DTZ derived from the UGL proposal, however, means that, given the level of debt within DTZ, there is minimal value, if any, that may be attributed to the ordinary shares of DTZ.

This announcement is not an announcement of a firm intention to make an offer under Rule 2.7 of the Code and there can be no certainty that an offer will be made, nor as to the terms on which any offer will be made.

-ends-

For further information contact:

Oriel Securities (Financial Adviser and Broker to DTZ) 020 7710 7600

David Arch

Emma Griffin

Blythe Weigh Communications 020 7138 3204

Paul Weigh

Tim Blythe

Oriel Securities Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for DTZ and no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than DTZ for providing the protections afforded to clients of Oriel Securities Limited or for providing advice in connection with the matters referred to herein.

Notes to editors

DTZ is a global real estate services firm with offices in 145 cities and 43 countries (across Europe, Middle East and Africa, Asia Pacific and the Americas). The firm provides advice and on-the-ground delivery to investors, developers, corporate and public sector occupiers and financial intermediaries. DTZ works with clients across the breadth of their real estate needs, spanning all real estate sectors and encompassing Investment Agency, Leasing Agency and Brokerage, Property Management, Project Management and Building Consultancy, Valuation, Investment and Asset Management, Consulting, and Research. The parent company, DTZ Holdings plc, has been listed on the London Stock Exchange since 1987. www.DTZ Holdings.com

1. Basis of proforma revenues is:

UGL Services (year ending 30 June 2011), $A1.3bn, GBP860m ($A1 = GBP0.6472)

DTZ (year end 30 April 2011) GBP341m

2. Global Turnover - Estates Gazette 24 September 2011:

               1. CB Richard Ellis                     GBP3.3bn 
               2. Jones Lang LaSalle                GBP2.1bn 
               3. DTZ/UGL                               GBP1.2bn 
               4. Cushman & Wakefield            GBP1.1bn

3.

 
              DTZ     UGL Services   Total 
-----------  ------  -------------  -------------------------- 
 Employees    4,700   19,300         24,000 
-----------  ------  -------------  -------------------------- 
 Offices      151     74             225 
-----------  ------  -------------  -------------------------- 
 Countries    43      13             45 (excluding duplicates) 
-----------  ------  -------------  --------------------------

This information is provided by RNS

The company news service from the London Stock Exchange

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