Noe set to go hostile on Derwent

PROPERTY tycoon Leo Noe is prepared to go hostile to wrest control of Derwent Valley, the West End developer he has priced at £436m.

Kevin McGrath, a partner in Noe's advisory vehicle, REIT Asset Management, said: 'We do not exclude going hostile. We are considering all our options.'

Noe's more hard-nosed approach to Derwent comes just days after its board rejected a revised indicative cash offer of 800p per share from Winten, Noe's Gibraltar-based buying vehicle which owns 3.7% of Derwent's shares.

'If they want to go hostile that's their choice. We have said all we need to say,' said Derwent managing director John Burns.

The latest statement from Winten claims that any offer is conditional upon getting prior recommendation from the Derwent board.