LONDON: British property developer Minerva said it had received a possible cash offer of 120.5 pence (RM5.98) a share from a consortium of investors through a special purpose vehicle, Jupiter Properties 2011 UK Ltd.

The consortium comprised funds advised by Area Property Partners (UK) Ltd and a subsidiary of DV4 Ltd, which was advised by Delancey Real Estate Asset Management, Minerva said on Thursday, May 26.

Minerva said the possible offer would be structured as a recommended cash offer from Jupiter to acquire its entire issue and to be issued ordinary share capital at 120.5p a share.

The price was a 21.4% premium to Minerva's closing mid market share price on Wednesday of 99.25p, and at a 53.5% premium to its mid market share price on Jan 13 of 78.5p, Minerva said in a statement.

The announcement of a firm intention by Jupiter to make a possible offer was conditional on Minerva's board providing unanimous, unqualified and unconditional recommendation to shareholders to accept the offer.

Jupiter also required confirmation from Minerva that amended certain of its "existing debt facilities and provides consents or waivers from certain of Minerva's lending banks in connection with the proposed change of control of Minerva".

Minerva directors would also have to undertake to accept a firm offer from Jupiter, it said. — Reuters

SHARE
SPONSORED CONTENT
Puteri Ariana—Landed, multi-generational homes for those who appreciate space and peaceful enclaves

Thoughtfully crafted for modern families, these homes strike a harmonious balance between privacy and shared living, with adaptable layouts and well-ventilated spaces that cater to every generation.

read more