DTZ plummets after top pair walk out

Sudden move: Paul Idzik has quit as chief executive as no takeover offer emerged

11 April 2012

Shares in property agent DTZ plunged 14% today after its chief executive and finance director quit suddenly.

Paul Idzik, chief executive, and Robert Rickert, finance director, are understood to have walked out because of the failure of DTZ's major shareholder to come up with a takeover offer.

DTZ revealed in May that its 55% owner Saint George Participations had approached it with a potential takeover offer.

At that point its shares spiked above 50p. Today they lost 4¾p, leaving them at 29½p.

Idzik and Rickert had been pushing the board to go to the Takeover Panel to request a "put up or shut up" ultimatum for the bidder.

But their attempts have been frustrated, partly because Saint George has three representatives on the board.

It is likely that St George, a private-equity firm, wants to take DTZ private and then merge with BNP Paribas Real Estate.

All DTZ would say about the likelihood of any takeover was that "discussions are progressing".

On the subject of the departures DTZ said: "Paul Idzik believes it is appropriate for a new leadership team to be put in place."

John Forrester, current head of DTZ UK and Ireland, has been made chief executive while James Thomson, current chief financial officer, becomes finance director.