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.

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.

"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

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
Inflation is the easiest way out of this – just don’t expect politicians to admit it
Inflation

Inflation is the easiest way out of this – just don’t expect politicians to admit it

The UK government borrowed £34.1bn in December, a record amount for that month. Britain's debt pile now amounts to 100% of GDP. How are we going to pa…
22 Jan 2021
The world’s fund managers are getting very bullish – be careful out there
Stockmarkets

The world’s fund managers are getting very bullish – be careful out there

The latest survey of fund managers shows them to be extremely bullish on all the same things. And that, says John Stepek, means the market is in dange…
21 Jan 2021