Australian ending to DTZ saga

The "merger" (as the two companies describe the transaction) brings to an end a long drawn-out saga, which has seen another takeover attempt come and go as well as the resignations of key DTZ board members, and all against the backdrop of DTZ's plummeting share price. A pre-pack insolvency has the potential advantage for a management board of bypassing the need for a shareholder vote on the deal. It does this by taking the company into administration and then immediately selling it on - which is precisely what DTZ's administrators, Ernst & Young, have done in this case. French family-owned company Saint Georges Participations, the largest shareholder with a 55 pct stake, could have vetoed a more standard type of takeover deal and certainly would have had little incentive to agree to this transaction, as it has involved DTZ being delisted from the London Stock Exchange with no payback for the shareholders. Saviours left with nothingSGP originally stepped in to save DTZ Holdings fro