Martin Myers has denied speculation that he has teamed up with Manish Chande in a bid to take over Land Securities.
The speculation followed the shock announcement in December of the resignation of Peter Walicknowski and Manish Chande, who had been tipped as rivals to succeed Ian Henderson as LandSec’s chief executive.
Myers, who founded outsourcing specialist Trillium which was acquired by Land Securities, denied he had approached banks to seek financing for a takeover of the company, which is valued at around £4.3bn.
The Sunday Express said consultant Myers and Manish Chande, who heads Land Securities’ Trillium unit but is due to leave later this year, approached German bank WestLB Panmure late last year to obtain backing for a deal. WestLB declined to comment on whether it had received an approach.
Land Securities said on Saturday it had confronted Myers and Chande on Friday night to ask whether they had had considered a bid, but the two denied plotting a takeover.
A Land Securities spokesman said: “We have been assured by Martin Myers that he is not planning to make an offer for the company. Land Securities’ strategy, which has been put in place over the last three to four years, is to deliver shareholder value, and it will continue to be so.”
Analysts believe the company’s property value could suffer at the hands economic uncertainty in the City, although the purchase of the Trillium unit last year was expected to enhance growth prospects.
EGi News 21/01/02
