Samuel Properties has received an approach which could lead to a takeover bid for the company.
The move against Samuel came soon after the company disclosed it was paying £53m for a property portfolio owned by Lonrho, which is itself widely tipped as a takeover target.
Samuel recently raised a debenture, and will put the cash towards the purchase of the Lonrho properties, which will be traded-on rather than retained as long-term investments.
Brokers suggest that one or two of the Lonrho properties, such as the central London offices — in particular 16 Berkeley Street — might be retained, but that disposal of the portfolio could bring up to £10m profit.
Net assets of Samuel are put at 230p, and the shares have traded up to around 250p in the wake of the takeover approach.
