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Atrium European committee backs Gazit-Globe offer in absence of superior bid

An independent committee of Atrium European Real Estate Ltd.'s board backed Gazit-Globe Ltd.'s all-cash buyout offer for the company in absence of a superior bid during a go-shop period.

Atrium noted that 35 potential investors were contacted, but no offers were received for the company.

Earlier in July, majority shareholder Gazit-Globe agreed to a buyout deal for Atrium, offering €3.75 per share.

As of Sept. 11, the Gazit group owns approximately 60.1% of Atrium's issued share capital.

UBS AG London Branch is financial adviser to Atrium.