British house-builder Alfred McAlpine said in a statement yesterday it had received a £294 million sterling (€448 million) take over offer from private property firm Brunswick Developments Group.
Brunswick, run by property developer Mr Andrew Goodall, owns a 3.03 per cent stake in McAlpine and is believed to be supported in his 260p a share bid by Phillips and Drew Fund Management (PDFM) from which he bought his McAlpine stake. PDFM has recently been selling its shares in McAlpine and has reduced its stake to 12.3 per cent from 26 per cent in the last year.
McAlpine's chief executive, Mr Oliver Whitehead, declined to make any further comments on the statement. Industry rivals said they heard a further offer - possibly from a rival homebuilder - may be in the offing.
Yesterday's offer is the second for McAlpine this year. The builder rejected a 215.2p a share bid in April from a PDFM-backed mystery bidder, which most believe was Goodall. Analysts said this offer is also likely to be rejected as a sighting shot, but that McAlpine could sell for about £3 a share.
McAlpine said it was discussing the current approach with its advisers HSBC Investment Bank and Cazenove & Co.
