Shares in Green Property, the subject of three takeover approaches, rose 15 cents to €9.40 yesterday amid continuing expectation that a statement was imminent.

The closing price matched the year-high reached on June 13th of a stock that, at the start of the year, was valued at €6.30.

It is understood the company's board met yesterday to discuss the approaches by Deutsche Bank, Treasury Holdings and a buy-out proposal by its managing director, Mr Stephen Vernon.

None of the parties has made any comment on the process.

Green made no formal statement and a company spokesman said it had no comment.

However, two informed observers said they expected a development this week.

Some 53,000 shares changed hands yesterday and Green's 12 per cent shareholder, Jupiter Asset Management, disclosed that it had sold 60,500 shares on Monday at €9.25 each. Jupiter still holds 12,218,170 shares in Green.

The sale price was 55 cents per share higher than the €8.70 rate at which Green traded on May 13th, the day before the disclosure of the latest series of approaches to the company.

While yesterday's closing price valued Green at €969 million, it is believed that institutional investors may require a deal to be pitched at a minimum level of €9.80 to secure their support.

The approach process at Green is the second in two years. Deutsche teamed up with Treasury on the previous occasion and a management buy-out was also mooted on that occasion.

The executives eventually concluded they could not offer a price that would be backed by the group's independent directors.

This time, Mr Vernon is backed by US private equity fund Westbrook Partners.

Treasury is unlikely to be bidding alone on this occasion, although the name of its partner is not known.

Its previous approach was rebuffed by Green management and it subsequently withdrew from the process.