Quoted property company Mapeley today revealed that it had received a takeover offer.

‘The board of Mapeley has received an indicative non-binding proposal to acquire all of Mapeley's outstanding shares,’ the company said in a stock exchange announcement.

‘Discussions are at an early stage and there can be no certainty that any offer will be made or as to its terms.’

Shares soared 14% to 1,657p.

Speculation

Hedge fund and private equity group Fortress Investments owns almost half of the shares in Mapeley, which has a market capitalisation of £494m.

Early speculation among analysts was that management may be behind the offer. Shares in the company have fallen 56% over the last year.

In its results for the third quarter to 30 September Mapeley said that fund from operations, its key performance indicator, were up 17% to £42m compared to 2006. Its total assets were up 9% to £2.4bn

Topics