Erinaceous saw its share price climb 7% this week as a takeover approach from Vincent Tchenguiz, brother of the Iranian millionaire Robert, signalled a potential bidding war over the property services company.
Erinaceous first announced a month ago that it had received preliminary approaches that 鈥渕ay or may not lead to an offer鈥� for the firm, which is valued at about 拢350m.
Previous approaches are understood to have been made by private equity groups 3i and Bridgepoint. The share price rose to 263.25p on Monday on news of the latest approach.
Tchenguiz and Erinaceous have declined to comment, but it is thought that Tchenguiz has made the approach through Consensus Business Group, his main investment vehicle. City sources predict the approach could trigger an auction, and managers are said to be keen on a sale.
Meanwhile, brick company Baggeridge Brick, which is listed on the alternative investment market, received renewed attentions from Michelmersh last week, which confirmed it was still considering an offer. Baggeridge is the subject of a recommended 220p-a-share takeover by Austrian firm Wienerberger.
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