Yew Grove investor Quanta backs off making rival bid

Property investor had signalled possible counter-offer

Slate Office’s bid values Euronext Dublin-listed Yew Grove at €177 million. Photograph: iStock

Slate Office’s bid values Euronext Dublin-listed Yew Grove at €177 million. Photograph: iStock

 

Property investor Quanta Capital has decided against making a bid for Yew Grove, having said last month it was assessing putting in an offer to upset a planned takeover of the Dublin-listed owner of office and industrial assets by a Canadian group.

Quanta owns 4.5 per cent of Yew Grove through an investment vehicle called Goldstein Property ICAV, where Davy is investment manager.

Its chief executive, Mel Sutcliffe, told the Sunday Times two weeks ago that Goldstein Property ICAV was looking at putting in a counter-offer for Yew Grove.

The comments came days after Yew Grove’s management team revealed they had agreed to recommend a takeover of the business by Canada-based Slate Office Reit.

Slate Office’s bid values the Euronext Dublin-listed real estate company at €177 million, including its €49.5 million debt pile.

Yew Grove issued a stock exchange announcement late on Friday afternoon saying that Quanta had notified the Irish Takeover Panel that it does not intend to make an offer for Yew Grove.