Minerva in talks with bidder

LONDON office and retail developer Minerva's value smashed through the half-billion-pound mark today as it confirmed it was in takeover talks.

Minerva's board, headed by chief executive Andrew Rosenfeld, said discussions with a 'third party' for the whole of the company's issued share capital were at a 'preliminary stage' but ruled out a buyout by the executive directors and their family interests.

Rosenfeld and chairman David Garrard together own about 27%, including shares in family trusts.

Shares in loss-making Minerva, which has planning approval to build the tallest tower block in the City of London and a million square feet of retail property in Croydon, added 74 1/2p to 320p, valuing the firm at £512m, just over the latest evaluation of its net asset value.

Any auction of the firm could flush out approaches from British Land, Land Securities and Hammerson.