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]."Reuse content