Delancey ups Greycoat bid 25% to pounds 263m

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The Independent Online
DELANCEY ESTATES, the property company controlled by financier George Soros and Jamie Ritblat, son of British Land's John Ritblat, yesterday raised its hostile bid for rival Greycoat by 25 per cent to pounds 263m.

The bid, which valued the shares at 242p, was immediately rejected by Greycoat. It offers 2.25 new Delancey shares for every Greycoat share, or 121p in cash plus 1.125 new Delancey shares for every Greycoat share.

Michael Beckett, chairman of Greycoat, described Delancey's revision as "very disappointing".

Jamie Ritblat said: "This is our best and final offer, but we reserve the position to see what occurs on 19 May [when the tender offer closes]."

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