Minerva says has received number of approaches (UK)

Minerva plc, the FTSE 250 property developer, said that, further to the announcement made on 12 July, it has received a number of approaches which the board will be evaluating with its advisers, Lehman Brothers and HSBC.

As a consequence, the board is assembling information on the company which it said it intends to make available to selected parties shortly.

Minerva said on July 12 that it had received an approach from a third party over a possible bid for the company, adding that discussions were at a preliminary stage.

It added that the executive directors and their family interests have indicated to the board that they have no intention of making an offer.

Unsources press reports have stated that Australian contracting and construction group Multiplex Ltd has held talks with Minerva management to take a 25 pct stake in the UK property group and could be interested in making a full bid.

The Sunday Times has also reported that the takeover offers Minerva is studying could value the company at around 1.2 bln stg.

Other companies said to be in the frame include Land Securities, British Land, and Hammerson and Liberty International. Hines, the US developer is also thought to be a strong contender.

Source: Freeman

Related News