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While the Bank of England has faced the dilemma of how much funding assistance to give to the UK markets without allowing backs to benefit directly, this situation is now being replicated in Europe...
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Monday 21st July 2008
News that UK commercial property company Minerva has agreed to be takeover, in principle at least, by a Dubai based company has sent the sector into orbit. After months of bad news and doom and gloom this seems to have caught the eye of ‘bottom fishers’ who like to pick up cheap asset after large falls. Whether the deal itself goes through, it is subject to a number of preconditions, is irrelevant for the whole property market but the fact someone has shown an interest is very relevant!
If the deal goes through it will value Minerva at £260 million, less than half the value the company was trading at only 12 months ago. However times have changed and investors are looking to release cash in troubled sectors and companies, and the takeover price of 160p is more than double the share price of 71p, prior to the announcement.
It seems as though both parties have been locked in talks for months, trying to agree a price without much luck. Finally the management of Limitless (the Dubai backed takeout company) decided to table a take it or leave it cash offer of 160p After deliberating over the deal the directors have reluctantly decided to accept the deal in principle, but whether it actually goes through at that price remains to be seen. |
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