Partner Article

Grainger eyes new acquisition

Newcastle-based plc Grainger – the country’s largest residential landlord – has confirmed that it has made a potential takeover approach to a firm which owns and manages £500m worth of properties.

The company said it had made a preliminary approach to the board of Bedford-based Sovereign Reversions with a view to entering into discussions about a possible offer for Sovereign Reversions.

Grainger currently envisages making an offer at 185p in cash per Sovereign Reversions share.

A company statement said: “Grainger would like to emphasize that there can be no certainty that an offer for Sovereign Reversions will be forthcoming. A further announcement will be made in due course if appropriate.”

In December, Sovereign’s interim results for the six months ended 31 October 2009 said that loss for the period was £978,000.

This was posted in Bdaily's Members' News section by Ruth Mitchell .