(Adds Limitless bid in sixth paragraph, Minerva’s latest estimate of net asset value in seventh.)
By Simon Packard
Jan. 8 (Bloomberg) -- Nathan Kirsh abandoned his bid for London real estate developer Minerva Plc after fewer than 1 percent of shareholders accepted the offer.
KiFin Ltd., an investment vehicle controlled by Kirsh, didn’t improve or extend its 50 pence-a-share offer by today’s 1 p.m. deadline, according to a statement announcing that the offer had lapsed. It was the last opportunity to do so under U.K. takeover rules.
Investors bet Kirsh would be forced to raise his offer after Minerva’s management dismissed the bid as “derisory” and said it “significantly undervalues the company.” The shares closed yesterday at 76 pence, almost double the price on Nov. 16, the day before KiFin announced its offer.
