Chelsfield chief seeks time to bid
Thursday 20 November 2003
Elliott Bernerd called for more time yesterday to organise his £860m bid for Chelsfield, the property company which he founded and currently chairs.
Chelsfield's independent directors said that although a fully funded offer from the consortium led by Mr Bernerd was expected "by mid-November", the company had been informed that "this will be delayed into December". One insider said a formal bid was likely to be tabled in the first 10 days of December.
Mr Bernerd's group had proposed an offer price of 305p in an announcement in October but despite the independent directors stating at the time that this "may not fully reflect the long-term value of the company" - a warning reiterated yesterday - Mr Bernerd is not expected to lift the offer if it is confirmed next month.
Standard Life, which owns 3.3 per cent of the company, said in October that "any bid below 400p undervalues the company".
The independent directors said yesterday that they were "fully aware of the uncertainty that has surrounded the company" since Mr Bernerd first approached them about a potential management buyout in May but there could be "no assurance that any offer will be forthcoming".
Although yesterday's update stated that "a number of parties have expressed an interest in considering a possible offer", analysts said the complexity of putting together a valuation of a company such as Chelsfield could preclude any other bids coming in by the December deadline.
Chelsfield shares closed down 1.5p at 314.5p.
- 1 Ireland gay marriage vote: 'No' campaign appears to concede amid reports of 'yes' landslide victory
- 2 Purity balls: Girls in the US making virginity pledges as fathers vow to 'protect purity'
- 3 Picture of couple posing with beached dolphin 'that later died' causes outrage
- 4 16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
- 5 Arsenal fan asks the Queen for tickets to the FA Cup final - gets a reply from Buckingham Palace
Ireland gay marriage vote: 'No' campaign appears to concede amid reports of 'yes' landslide victory
Maryland mother found pushing her dead child on a swing in a playground
Purity balls: Girls in the US making virginity pledges as fathers vow to 'protect purity'
Picture of couple posing with beached dolphin 'that later died' causes outrage
16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...