Northacre dismisses reports of Spadille acquisition

Northacre, developer of The Lancasters luxury apartments opposite London's Hyde Park, on Friday dismissed reports it was approached by Spadille to acquire the company.

The group said it remains independent and that it did not receive an offer from Spadille.

Reports claimed last week Spadille was making a cash offer, with a loan note alternative, for outstanding Northacre shares after it upped its stake to 48.6% of the company's issued share capital.

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"The independent directors confirm that as of January 25th 2012 no offer has formally been made for the company and it remains independent," Northacre said in a statement.

Last month the firm was said to be in talks to be bought by two separate companies including one led by its Chief Executive Officer Ken MacRae.

MacRae was making an offer through his management buyout company 2492 Ltd., while another bid came from Abu Dhabi Capital Management, Bloomberg reported.

Northacre moved into the red in 2008 after the British housing market plummeted during the financial crisis.

The builder plans to construct less expensive homes by renovating office buildings to increase returns on developments.

Shares were up 1.02% to 99.50p at 15:21 Friday.

RD