Limitless withdraws from UK property firm deal

by Sinead Cruise Friday, 26 September 2008

Shares in UK property firm Minerva tanked 47 percent on Friday after it announced that sovereign wealth fund suitor Limitless had withdrawn its 160-pence a share offer.

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Limitless, a unit of state-owned investment fund Dubai World, said it had failed to secure necessary consents from unspecified third parties, forcing it to pull out of talks.
News of the breakdown in takeover talks is expected to raise questions about Minerva's ability to proceed with an ambitious office development pipeline in London's City financial district.

But a source familiar with the deal urged investors against writing off the company prematurely.

"Yes, the share price has taken quite a hit as a result of this but it it is important to remember that this was an unsolicited bid - they were not looking to sell themselves," the source said.

"As a company they have carried on with their day-to-day business during this process, their developments are all fully financed and they remain confident that their projects will be delivered into a supply-constrained market," said the source.

Minerva declined comment. (Reuters)



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