Chairman tables £232m bid for Asda Property

The battle for Asda Property intensified yesterday after the retail warehousing and central London offices specialist received a hostile bid from a joint venture between its chairman, Manny Davidson, and rival property group British Land.

Asda Property's independent directors are due to meet their advisers today to discuss the offer from the BL Davidson venture and revealed a number of "additional approaches" are also being considered. They urged shareholders to "take no action at this stage".

BL Davidson said its 300p-a-share offer, which values Asda Property at £232m, has the support of 51 per cent of shareholders, including the Davidson family who own nearly 30 per cent.

Asda Property shares closed up 28p at 304.5p yesterday.

Cyril Metliss, a director of British Land, said: "It is a full and fair offer. BL is offering 298.6p in cash per Asda Property share plus the right to the 1.4p a share interim dividend. The offer was pitched at a 30 per cent premium to Asda Property's closing price the day before BL Davidson revealed its takeover plans and a 0.9 per cent discount to its net asset value of 302.8p a share.

Last month Asda Property's board rejected an indicative offer of 278.6p from BL Davidson.