LONDON (ShareCast) - Shares in Minerva rallied after the property company received a cash offer worth more than double its share price from an offshoot of sovereign wealth fund Dubai World.

Limitless’ 160p per share offer, which values Minerva at about £258m, compares to the UK group’s closing price of 72p on Friday. Minerva’s shares are currently trading at 125p each.

Minerva said its board would recommend the offer, which is subject to a number of waivable pre-conditions, including completion of satisfactory due diligence and a Minerva’s board recommendation.

“Discussions are ongoing and there can be no certainty that an offer will be forthcoming even if the pre-conditions are satisfied or waived. A further announcement will be made when appropriate,” said the group.

“Limitless reserves the right to increase the level of its proposal if a competitive situation arises. Limitless also reserves the right to decrease the level of its proposal to reflect any dividend Minerva pays to its shareholders,” it added.

Limitless first announced in May that it was considering its options regarding an offer for Minerva.

Today’s move sparked further speculation that there is a flood of Middle -Eastern money eyeing up UK property businesses, most of which have taken a pounding following the slide in property values over the past year.

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