Property group's share price rockets after announcing 160p-a-share deal with Dubai real estate group Limitless

Property group Minerva is set to accept a 拢258m takeover offer from Dubai real estate group Limitless.

The 160p-a-share deal was announced to the City today and is subject to a process of due diligence and the recommendation of the Minerva board.

A company statement said: 鈥淭he board of Minerva would expect to recommend such an offer.鈥�

News of the offer sent Minerva鈥檚 share price rocketing 73% to 125p in afternoon trading on Monday.

Three weeks ago Minerva reportedly rejected an offer worth between 140p-150p per share from Limitless, which is a unit of the Dubai World sovereign wealth fund.

Minerva is working on the 拢550m Park Place retail scheme in Croydon and the St Botolph鈥檚 office and retail scheme in the City of London.

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