Minerva accepts its £202m takeover bid
MINERVA has finally accepted a £202.6m takeover bid from a consortium of investors, in a deal which may spell the end of London’s best-known property developer as a public company.
The board has recommended a 120.5p a share cash offer from Jupiter, a joined venture set up by US investor Area Property and Jamie Ritblat’s Delancey, Minerva said in a statement yesterday.
Jupiter’s offer, based on Minerva’s closing price on 13 January when the bid was made, is conditional on Jupiter receiving acceptances from more than 50 per cent of shareholders.
The consortium, which already holds about 12 per cent of Minerva’s shares, plans to apply to delist the company if its receives enough acceptances.
The offer comes after almost two years of speculation over a possible takeover of the troubled developer. In January last year, Minerva fended off a hostile bid from South African shareholder Nathan Kirsch.
Minerva was laden with debts of £859m at the close of last year, after struggling to attract tenants to its two flagship developments, St Botolphs and Walbrook building. The latter still stands empty.
Shares in Minerva jumped 2.77 per cent and closed at 120.75p.