Out-of-town specialist admits unsolicited approach
A mystery bidder has been stalking out-of-town retail property specialist Pillar. Alerted by an unexpected share price rise, the company confirmed in a Stock Exchange announcement that it had received an approach 'which may or may not lead to an offer'.

Pillar manages the Hercules Property Unit Trust, with a£2 billion-plus portfolio of prime fashion parks. In Retail Week's 2005 league tables, Pillar emerged as the second-biggest owner/manager of out-of-town space, responsible for almost 6 million sq ft (557,400 sq m) of floorspace.

The company said negotiations indicated a price of 855p in cash per Pillar share, including any final dividend. And it reiterated that it was aware of its responsibilities to the unit holders in its funds. 'In considering these proposals the board is taking particular care of the interests of the various trusts advised by Pillar,' the statement said.