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)