Trafford Park’s shareholders were this week holding on for a rival offer to top the £146m hostile bid from Anglo-Irish group Green.
Shareholders had their first chance to accept Green’s offer on Friday. But City commentators considered that most investors would hang on until the final deadline next month before deciding whom to back.
The market was rife with rumours of a rival bid but no firm contenders had emerged as Estates Gazette went to press. Speculation centred on the obvious candidates, MEPC and British Land.
Analysts said that rumours about a US real estate investment trust eyeing Trafford were probably wide of the mark.
Both Trafford and Green spent the week briefing investors after Trafford published its defence document on Monday.
The defence included a valuation from Lambert Smith Hampton which put Trafford’s net asset value at 201p per share – up by 20% since June last year. Green is offering to pay 220p per share in paper or 190p per share in cash.
Analysts said that any rival bidder did not have much scope to top Green’s offer without the risk of paying too much for Trafford.
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Share Indices |
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|
1998 |
FT Property share index |
All-share index |
|
High |
2431.05 (Mar 19) |
2868.09 (Jun 8) |
|
Low |
2149.68 (Jan 2) |
2389.32 (Jan 12) |
|
As at Jun 10 |
2275.17 |
2847.83 |
