Minerva, the listed UK property development and investment company at the centre of takeover rumours for months, saw its shares rally to above 120p on Monday after the board confirmed it had received a proposal from Limitless amounting to 160p per share.
Minerva, the listed UK property development and investment company at the centre of takeover rumours for months, saw its shares rally to above 120p on Monday after the board confirmed it had received a proposal from Limitless amounting to 160p per share.
Minerva's share price has been volatile in the last few months. In April, the share price was above 90p and climbed to over 120p in May. The share has declined since - with a upward swing in mid June - to 72p last Friday.
Minerva's board said it expected it would recommend a firm offer should it materialise. The company stressed that the proposal - described by Limitless as its final offer - is subject to a number of pre-conditions and there was no certainty a definite offer would result.
Limitless, the property arm of Dubai World, 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. The offer from Limitless is dependant on completion of satisfactory due diligence and a Minerva board recommendation.
