London property firm Minerva said on Monday it had received a cash offer which valued it at more than double its recent market price, from Middle Eastern real estate company Limitless.
The 160-pence per share offer price gave a sharp boost to Minerva shares, which had ended Friday at 72 pence. They were up at 123 pence at 1103 GMT, having earlier hit 141.50.
The Limitless offer values Minerva at about 258 million pounds ($515.3 million).
Minerva said its board will recommend the offer from Limitless, a business unit of Dubai World, one of Dubai’s biggest business groups, which is conditional on a financial evaluation as well as Minerva board endorsement.
“Discussions are ongoing and there can be no certainty that an offer will be forthcoming even if the pre-conditions are satisfied or waived,” Minerva said in the statement.
“Limitless reserves the right to increase the level of its proposal if a competitive situation arises. Limitless also reserves the right to decrease the level of its proposal to reflect any dividend Minerva pays to its shareholders,” it said. (Reuters)
Follow us on
