British property group Minerva said today it had received a takeover approach.
Minerva said talks were at an early stage and it was not yet clear if they would lead to a formal offer for the company. The news sent its shares more than 28 per cent higher.
The firm also said it had received expressions of interest from other parties, and that its executive directors had no intention of making an offer for the company themselves.
Minvera did not say who made the initial approach, but sources said it was a property fund such as Goldman Sachs's Whitehall, Deutsche Bank Real Estate or Morgan Stanley Real Estate, rather than a trade buyer.
Minerva made the statement after the Sunday Timesnewspaper said the company was studying a number of takeover offers.
The newspaper speculated that any auction would trigger interest from a number of Russian entrepreneurs as well as Minerva rivals such as Land Securities, British Land, Hammerson and Liberty International.
The source also said Minerva had received approaches for different parts of its business but that management would rather sell the company as a whole than break it up and sell it piecemeal.