Ritblat's Delancey makes £194m offer for Minerva
Friday 27 May 2011
Minerva, the property developer that counts the Walbrook building in the City of London as one of its developments, has received a £194m cash offer from a consortium including Jamie Ritblat's Delancey investment firm.
Delancey and the real estate fund manager Area Property Partners have put forward a possible offer of 120.5p per share – a premium of more than 20 per cent to Minerva's 99.25p closing price on Wednesday. Minerva's shares jumped 15 per cent to 113.75p when the announcement was made.
News of the bid comes after the company announced in January that it was in discussions regarding possible offers for the business, whose developments also include the Odeon Cinema building in Kensington and the Ram Brewery in Wandsworth.
Subject to certain conditions, Minerva's board said it expected to recommend the offer.
Mr Ritblat is well known in property circles and is the son of the former British Land chairman Sir John Ritblat. He took Delancey private in 2001.
Today, the firm, which counts George Soros among its investors, boasts a portfolio of properties that includes the Rolls building in Fetter Lane, in the City of London. Mr Ritblat's consortium, which made its approach through a special-purpose vehicle called Jupiter Properties 2011, may yet face competition, however, with a number of other property investors rumoured to be interested in the company.
Possible counter bidders include Apollo Global Management, the private equity firm which has been said to have had its eye on Minerva. Other potential suitors include the Whitehall property funds run by the Wall Street investment bank Goldman Sachs, and Limitless, a unit of Dubai World, which made an abortive cash offer for the group in 2008.
The Limitless proposal was followed by an offer from KiFin, a vehicle backed by the South African property magnate Nathan Kirsh, which also failed with 50p per share approach in late 2009.
- 1 Scottish independence: Ireland since 1919 is a lesson for Scotland in what a Yes vote means
- 2 British tourists 'murdered' in Thailand: Pair's bloodied bodies found naked on Koh Tao beach
- 3 Lego breaks out of the toy box and heads for the gallery
- 4 Vogue under fire for 'Big Booty' article
- 5 Julian Assange and Edward Snowden join piracy mogul Kim Dotcom’s political campaign in New Zealand
British tourists 'murdered' in Thailand: Pair's bloodied bodies found naked on Koh Tao beach
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Jihadi John': MI5 may have identified Isis militant who killed David Haines but options limited
Scottish independence: Police will be on high alert on Friday whatever the result
David Haines beheading: David Cameron says Britain will hunt down Isis 'monsters' shown in video murdering aid worker
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
£23m Birmingham cycle scheme is attacked by Tory councillor for not catering to the elderly
Salmond accused of laughing off national debt with ‘what are they going to do: invade?’ joke
iJobs Money & Business
£280 - £320 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
£35000 - £38000 per annum + Benefits: Ashdown Group: Training Coordinator / Pl...
Data Governance Manager (Solvency II) – Contract – Up to £450 daily rate, 6 month (may go Permanent)
£400 - £450 Per Day: Clearwater People Solutions Ltd: We are currently looking...