Minerva Sells Office to Undisclosed Buyer, Rejects Kirsh's Hostile Bid
After rejecting a hostile takeover bid from South African investor Nathan Kirsh, who had put in an offer of 84.5 Million Pounds for its properties, the company has reportedly confirmed plans of selling the Wigmore Street property, in London's West End, to an undisclosed buyer.
Yesterday, the property firm issued an aggressive defense document against Mr. Kirsh's offers, which proved that the value of Minerva's properties had multiplied by nearly 10% since June 30 to a new high of 1 Billion Pounds, and Wigmore Street currently holds a value of about 38.75 Million Pounds.
The independent valuation has put the price of the company asset value per share at 95 pence, which is almost the double of what the investor was offering.
Nathan Kirsh's offer has been described as "highly opportunistic" by Minerva. "What is particularly opportunistic about the timing of this bid is that it comes after we have done the hard yards and just as we are beginning to see the turn. We are not going to give away Minerva having done all the work and seriously reduced the risk just as the market improves in the shareholders' favor", said Chief Executive Salmaan Hasan.
Yesterday, on the hopes that the firm's property values would rise further, Minerva's shares recorded a 13% growth. Each share gained 7 pence to trade at a new high of 62 pence.