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Madrid: Spanish property firm and bid target Colonial said yesterday a board meeting had ended without a decision on a partial takeover offer from sovereign wealth fund Investment Corporation of Dubai (ICD).
The indebted company has scheduled another board meeting for March 18, a spokeswoman said, a day before the bid deadline. Board approval is one of the deal's conditions.
Colonial's shares yesterday were 9.73 per cent lower at 1348 GMT, after a 15 per cent rise on Wednesday.
The two main shareholders in Colonial and ICD agreed on Wednesday to the Dubai fund buying the indebted Spanish property firm's rental assets in a complex transaction.
Under the terms of the deal, Colonial will split its land and property development from the listed company, with investors taking shares in the spin-off.
ICD will then buy at least 50 per cent of Colonial shares after the split for 1.19 euros each, although the price could change depending on the value of the debt and assets moved to the land unit.
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