Gazit-Globe Ltd.'s offer to buy out Atrium European Real Estate Ltd. was revoked after it failed to secure approval from 75% of Atrium's minority shareholders.

In July, Israel's Gazit-Globe offered to buy the remaining interest in that it does not own for €3.75 apiece, reflecting an 18.3% premium to Atrium's July 22 closing price. At the time, Gazit-Globe owned roughly 60.1% of Atrium.

But certain shareholders of the U.K.-based target opposed the offer, noting, among other things, that it undervalues Atrium which has a reported European Public Real Estate Association-based net asset value of €5.05 as of June 30.

Atrium's independent committee of the board of directors recommended the offer when the company did not receive a superior proposal during a go-shop period.