June 10, 2019 / 7:15 AM / 8 days ago

Helical confirms buyout proposals, says offers undervalue company

June 10 (Reuters) - British commercial property developer Helical Plc on Monday confirmed it had received buyout approaches from various parties but said the offers undervalued the company.

The company’s shares rose 8% to 384.12 pence in early trading.

Helical said the unsolicited offers were at a significant discount to its EPRA net asset value and therefore did not reflect the fair value of the company.

EPRA NAV is a key industry metric that reflects the value of a firm’s buildings.

The Sunday Times newspaper reported that the company received a bid worth around 500 million pounds ($637 million) from an unnamed U.S. private equity group.

“In our view the market has been undervaluing Helical for some time now and this third party interest – while perhaps not at an acceptable level – reflects this,” Peel Hunt analysts said. (Reporting by Samantha Machado in Bengaluru Editing by Saumyadeb Chakrabarty)

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