Swaziland tycoon launches bid for developer Minerva

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KiFin is the vehicle of 77-year-old Nathan Kirsh, a secretive Swaziland investor who has built up a 29.9% stake in Minerva over the past year.

He is offering 50p cash for each Minerva share, substantially less than the 160p-a-share takeover that Dubai-based Limitless proposed, valuing Minerva at £258 million. The Minerva board saw off that offer in September last year.

Minerva rejected today's bid as "opportunistic and unwelcome" and said it seriously undervalued the company.

But KiFin said that its 50p offer represented a 30% premium to last night's closing price and a premium of 52% to Minerva's average share price over the last three months. Minerva shares took off again today, rising 12p to 501⁄4p.

KiFin is allowing its cash offer to do the talking. It does not criticise Minerva's management, merely stating the acquisition "would complement the property activities of the Kirsh Group".

Minerva constructed the Walbrook complex in the City and is building the Lancaster Gate residential block near Hyde Park.