Minerva bid extended

Dec 23, 2009

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KiFin has extended the closing date of its 50p a share cash offer for property investor Minerva to 4 January.

Minerva has rejected the bid.

KiFin, Nathan Kirsh's investment vehicle, owns 29.94% of Minerva and acceptances have been modest. So far, KiFin has acceptances from other shareholders equal to 0.51% of Minerva.

The 50p a share bid is well below the current share price of 77.75p a share and Minerva's pro forma net asset value of 95p a share.

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