Earlier this year Bernerd, chairman of Chelsfield, took the company private in a euro 2.6-billion ($3.2-billion) management buyout backed by the Reuben brothers. Duelguide was the vehicle set up for the MBO. Any bids would require the support of Bernerd and David and Simon Reuben, who together own just under half of the company.

In a statement, Bernerd says that expressions of interest are at an early stage and are being investigated. He adds that there is no certainty that any offer will be made.

Multiplex may have the edge because it already holds a 7.8% stake in shares and bonds in Duelguide consortium. It invested euro 44.1 million ($53.4 million) and agreed to underwrite up to euro million ($2.15 million) of the cash alternative offered by Duelguide to Chelsfield shareholders in the MBO.

Chelsfield has some of Britain's top property assets, but earlier this year it announced its intention to sell some of them. One of the first to go is likely to be the European headquarters of mobile phone operator Orange, a building the telecoms group never moved into. The company signed up to occupy the property in Paddington Basin, west London, in 2001, in a deal estimated at euro 176.64 million ($213.7 million). Chelsfield is in talks with DIFA about a possible sale. Then last month German fund CGI finally agreed terms to fund Chelsfield's euro 2.94-billion ($3.6-billion) shopping and leisure development in London's White City.