Delancey to raise Greycoat offer

Delancey to raise Greycoat offer

DELANCEY ESTATES, the property group owned by financier George Soros (left) and Jamie Ritblat, son of British Land's John Ritblat, is set raise its hostile offer for the Central London developer Greycoat today. A defence document produced yesterday by NM Rothschilds for Greycoat derided Delancey's original all-paper offer which valued the group at 215p a share. Rothschilds, which said the bid was a 24 per cent discount to Greycoat's 283p a share net asset value, said Delancey had offered the wrong price, in the wrong currency, with the wrong management. Greycoat's own management, backed by Mercury Asset Management, is also among the bidders. All bids must be submitted by 19 May.

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