UK property developer Minerva said on Thursday that negotiations for a possible takeover by Dubai-based Limitless World are ongoing and that Limitless' due diligence is 'substantially' complete. It added that a further announcement will be made when appropriate. The statement by Minerva came as the London-based builder announced its full year results, which unveiled a drop in net asset value over the last year of as much as 33%.
UK property developer Minerva said on Thursday that negotiations for a possible takeover by Dubai-based Limitless World are ongoing and that Limitless' due diligence is 'substantially' complete. It added that a further announcement will be made when appropriate. The statement by Minerva came as the London-based builder announced its full year results, which unveiled a drop in net asset value over the last year of as much as 33%.
'Minerva continues to be in discussions with Limitless regarding an offer of 160 pence per share but there can be no certainty that an offer will be forthcoming,' the company said. It added that Limitless' due diligence is complete but that the development arm of the Dubai government requires consents from third parties which are a waivable pre-condition to an announcement of an offer.
In July this year, the board of Minerva confirmed that it had received a proposal from Limitless World to purchase the entire share capital of the company for a cash sum of 160p per share. The price compares to a current Minerva share value of 78.25p.
