Property developer Helical on Monday admitted it had received “more than one” bid approach as the firm batted its eyelids at other potential suitors.
Helical, which concentrates on property investments in London and Manchester, was linked with a potential £500 million bid approach from a US private-equity firm over the weekend.
But the shares rose 4%, or 14.5p, to 369.5p as the company confirmed it “has in the recent past been in receipt of more than one unsolicited approach from different parties”.
All the proposals have come at a “significant discount” to net asset value, a key property industry benchmark, and the board decided they “did not reflect the fair value of the company”.
But Helical, chaired by colourful industry figure Mike Slade, offered a come-hither to other would-be buyers as it added: “The board always acts in the best interests of its shareholders and therefore has been open to engaging with these potential offers, including allowing due diligence to be conducted.”
A takeover would generate a huge payday for Slade, whose 10% stake is likely to be valued at more than £50 million.
