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Derwent Rejects Third Noe Bid

LONDON-Niche London developer Derwent Valley has rejected the latest bid proposal from Leo Noe, which values the company at pounds 436 million ($752 million).

By Anita Howarth | Updated on December 02, 2003

LONDON-Niche London developer Derwent Valley has rejected the latest bid proposal from Leo Noe, which values the company at £436 million ($752 million).

The board described the latest proposed offer of 800p a share and which would have valued the company at £436 million as “wholly inadequate”. Previous offers of 760p and 771p had also been rejected.

Winten had argued in its latest proposal statement that the offer, at a 2.6% premium to Derwent Valley’s triple net asset value of 780p, represented good value as the majority of offers for UK property companies in the last three years have been at a discount to triple NAV.

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