10th Jun 2019 08:26
LONDON (Alliance News) - Helical PLC on Monday confirmed that in the "recent past" it has received more than one unsolicited takeover approach from different parties.
However, the property investor noted that all proposals made to-date have been at a significant discount to its net asset value and did not reflect the fair value of the company.
"The board always acts in the best interests of its shareholders and therefore has been open to engaging with these potential offerors, including allowing due diligence to be conducted," Helical said in its statement Monday.
The statement came after the Sunday Times reported that Helical had received a GBP500 million takeover offer from an undisclosed US private equity firm.
The newspaper said the offer is believed to value Helical at a significant premium to its share price of 355.00 pence at the London close on Friday, which gave the company a market capitalisation of GBP425.1 million, but at less than Helical's net asset value of GBP567.4 million.
Helical shares were trading 4.9% higher on Monday morning at 372.50 pence each.
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