Elliott Bernerd, the chairman of Chelsfield PLC, is close to making a formal offer of almost 900 mln stg to take the property company private, according to The Independent on Sunday. The newspaper did not name its source, but said the move is expected to be made in the next fortnight, after months of negotiations with Chelsfield´s non-executive directors, led by Sir Bruce MacPhail.
The newspaper said it understood the cash offer will be between 310 and 320 pence a share. However, Bernerd is considering sweetening his bid by including a small stake in the business once it has gone private, the article added.
The offer isn´t expected to be tabled this week, as Sir Bruce is on holiday in Kenya. Bernerd, who already owns 12.1 pct of Chelsfield, has secured backing from HBOS bank, which will provide debt finance.
The veteran property tycoon has already won the support of shareholders controlling around 30 pct of the company.