takeover

It’s over! Belvoir pulls out of merger attempt with Martin & Co parent company

Franchise letting agency giant Belvoir has ended its attempted takeover bid for rival The Property Franchise Group (TPFG), parent company of Martin & Co and five other brands including hybrid agency EweMove. Belvoir today announced that it was ending its attempts to persuade TPFG shareholders to back Belvoir’s attempts to buy TFPF and merge the two businesses. Despite having considerable goodwill, Belvoir has admitted that without the support of the key TPFG directors and their share-owning backers a deal would be difficult, if not impossible. Belvoir’s statement confirming the withdrawal of the merger offer says: “The Belvoir board is disappointed that the TPFG board has declined to enter into a dialogue, not least given that the board itself has recognised the scale that would be achieved in combining the two businesses, and moreover, given a number of common institutional shareholders have publicly stated their support, in principle, for a dialogue between the boards of Belvoir and TPFG  with regard to the Possible Merger Offer”. End of the bid The end of the bid to merge the two businesses has been prompted by the timetable that companies entering into a takeover must stick to, as set out in the City Code…