London developer Minerva has received a £258m cash offer from Dubai property company Limitless which values it at more than double its recent market price.
The 160p-a-share offer, revealed by Minerva this morning, gave a sharp boost to Minerva’s shares, which ended last week at 72p.They were up 71% to 123.25p at 1.25pm.
Minerva said its board would recommend the offer from Limitless, a business unit of Dubai World, which is conditional on a number of waivable pre-conditions, including completion of satisfactory due diligence and a Minerva board recommendation.
‘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. ‘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 added.