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Workspace Group PLC may face a rival acquisition offer for fellow property firm McKay Securities PLC from a Canadian private equity firm.
Slate Asset Management LP has asked for access to due diligence information in order to consider making an all-cash offer for McKay.
Both Workspace and McKay on Tuesday noted that no takeover proposal has been made by Toronto-based Slate, though McKay said it would consider one.
For now, the McKay board continues to recommend the £272 million cash-and-shares offer from Workspace and a shareholder vote on this is scheduled for April 27.
McKay on Tuesday said it received a competing takeover offer from Slate back on March 11.
McKay explained that Slate has not provided a written proposal but has indicated verbally that it is considering making a proposal. Slate now has until April 20 to announce a firm intention to make an offer for McKay or walk away.
Just over a week earlier than the Slate approach, on March 2, McKay and Workspace had announced an agreement for Workspace to buy McKay.
The commercial property investment company said it is continuing to unanimously recommend the offer by Workspace to its shareholders.
Workspace, a London-based real estate investment trust, noted the competing offer in a separate statement released on Tuesday.
Shares in McKay were up 4.2% at 296.00 pence on Tuesday morning in London, while Workspace shares were up 1.2% at 698.54p, also in London.
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