Colonial's majority shareholders, Luis Portillo and Nozar, said on Friday that they were still studying the takeover offer launched by the Dubai sovereign wealth fund, the Investment Corporation of Dubai (ICD), on Wednesday. 'Contrary to some media reports, shareholders have not yet taken any definite decision on the offer, given its complexity and the implications it has for the main shareholders, for Inmobiliaria Colonial, for the remaining holders and for its creditors', they said in a letter filed with the Spanish stock market regulator CNMV.
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