Minerva Share Discussion Threads

[sami69] 26/5/2011 14:25

Keep them coming Baldy.. I want you to tell me when the 150p bid is coming...

[baldeagle5] 26/5/2011 14:09

Things are about to get even more interesting, I'm led to believe....
Kirsch is looking to mount a 130p bid - watch this space!

[bullspread] 26/5/2011 13:27

Who else would bid for Minerva?

Minerva, the London property developer, has received a £194m takeover offer from a consortium led by Delancey, the investment group run by Jamie Ritblat, and Area Property, the private equity group.

The Walbrook office block in the City of London is one of Minerva's main developments.

However, there are plenty of other potential bidders that may be interested in making a counter offer, as the company has been running an auction. The potential buyers include:

1. Private equity firm Apollo, which is run by former Drexel Burnham executive Leon Black. Although Apollo does not typically focus on investing in property assets, the firm has an eye for spotting undervalued assets and experience in managing debt issues.

2. Orion Capital Managers, a European real estate investor. Orion has investments in several commercial retail parks across Europe, including the Plenilunio shopping mall in Madrid.

3. Whitehall funds, the property investment arm of Goldman Sachs. The funds invest in real estate companies, projects, loan portfolios, debt recapitalizations and directly in property. Some of the Whitehall funds' previous investments include the former Queens Moat Houses hotel business, most of which are run under Holiday Inn and Crowne Plaza franchises.

4. South African property investor Nathan Kirsh, who bid for the company at 50p a share last year and tried to oust the management. Mr Kirsh currently owns around 30pc of Minerva's stock.

5. Limitless. In 2008, Dubai-based investor Limitless made an offer for Minerva but eventually withdrew its bid after both parties failed to agree a deal.

6. David Shamoon. An Iranian property entrepreneur who owns the luxury Marbella Club in Spain. Mr Shamoon is well connected with Gulf-based investors and built up an undisclosed stake in Minerva around the time of Limitless's offer for the company. It is thought Mr Shamoon, who back then was advised by Merrill Lynch, was also interested in making a bid for the company.

[smurfy2001] 26/5/2011 12:11

Right
NH
on to the small caps
NH
Minerva has finally got a bid
BE
Who from?
NH
a JV
NH
between John Riblatt's son
NH
and some US fund
NH
they have offered 120p a share
BE
Ah - Delancey And Area
NH
but its highly condition
Minerva PLC (MNR:LSE): Last: 112.25, up 13 (+13.10%), High: 115.25, Low: 110.00, Volume: 1.97m
NH
they want to see
NH
the details of the lending agreements
NH
secured against the property
NH
there's something like
NH
£1bn of debt
NH
and as far as we know
NH
no one has a clue
NH
what clauses are in there
NH
certainly not that Kirsch guy
NH
the biggest shareholder
NH
he never got to find out
NH
so there has to be a risk here
NH
that the price gets revised lower
NH
it's always been my feeling
NH
that the reason they couldn't let the Walbrook
NH
is because the banks told them
NH
any tenants
NH
had to pay a silly price
NH
that may or may not be true
NH
So
NH
here's the big pre-condition
NH
the receipt by Bidco of signed documentation which amends certain of the Minerva group's existing debt facilities and provides consents or waivers from certain of Minerva's lending banks in connection with the proposed change of control of Minerva (the "Banking Pre-Condition");
NH
The Company has discussed the banking consents, waivers and amendments referred to above in principle with its lending banks but they remain subject to formal bank approvals and documentation.
BE
Right
NH
as ever with Minerva
NH
we are in the dark
BE
Though it's interesting they've already discussed bank waivers.
BE
I reckon that points to this one getting done.
NH
i am convinced one the terms amened relates to Walbrook
NH
and we also have to ask
NH
will Kirsch cash out?
NH
he owns 29%
NH
could be a fun deal to follow

[baldeagle5] 26/5/2011 08:44

wend - fill yer boots here - easiest risk adjusted 8% you'll ever make in a month.
no brainer

[baldeagle5] 26/5/2011 08:27

Quay - I could use it to cover my bald head!!

[quays85] 26/5/2011 08:15

Baldeagle - my hat off to you

[n0rbie] 26/5/2011 08:13

It's not yet a firm offer - if it was, it would have opened at 120p imo.

[johnv] 26/5/2011 08:13

Hoping for a counter bid from one of the other groups

[johnv] 26/5/2011 08:10

114p is the difference too small for any profit or investors dont believe the outcome?

[ak47high] 26/5/2011 08:04

baldeagle you need to edit your last post.....too much info.

[n0rbie] 26/5/2011 08:00

I really hope Nate gets vocal.... I'm also hoping he rips into the BoD for not letting those flipping buildings, leading to an offer price below NAV...

[targatarga] 26/5/2011 07:52

baldeagle - all respect mate but blatant insider dealing is so risky. We all like bid rumours but calling timetables and final bid prices could land you and your mate in big do doo's... Unless you live in Mongolia with an untraceable modem link i'd be very careful. imho...

[targatarga] 26/5/2011 07:45

Reading the announcement again it appears the banks are shuffling the papers pre signing. The banks approval could come at any time. imho

[baldeagle5] 26/5/2011 07:44

The deal is done - it is simply subject to bank approval.
If you get a chance to buy these sub 110p - fill your boots as there are other counterbidders (2) at the 110-15p and so you have a back-stop.
For the banks, having 'in principle' agreed this deal, after all this time, to not approve it is frankly impossible.

By the way, I expect Micro Focus to succumb to a 445p cash offer next week from Bain and that SAP will probably enter the game - at a current 370p they are manna from heaven. AK - you can get another pie out re this one if you want?!!! LOL

[fireplace22] 26/5/2011 07:41

Lots of if's buts and ands here are they really fishing for a counter offer?

[ak47high] 26/5/2011 07:34

I always had trust in you baldeagle....lol

[fireplace22] 26/5/2011 07:27

It's not over yet the banks have a history of not playing along here. The Limitless TO 3 years ago was prevented by them.

[sami69] 26/5/2011 07:25

Baldeagle - we take it all back! Anything else to share?

[baldeagle5] 26/5/2011 07:25

AK47 - Best get that pie out eh?!!!
Told u it was 120p and sorry I was a day late!

[quepassa] 26/5/2011 07:21

Well done to all patient holders on Minerva. Excellent result.

Minerva now looks set for the history books.

In my view, Quintain Estates and Development (QED)may be an interesting share to follow in the wake of its own recent results, growing investor enchantment with the UK mid-market property sector and developments at Minerva.


ALL IMO. DYOR.

QP

[targatarga] 26/5/2011 07:12

amazing that volumes been so low lately.. Well done all holders... Minerva obviously run a tight ship.... imho

[fireplace22] 26/5/2011 07:08

RNS. Intention to bid arrived.