Setback for Lewis in takeover of Timeweave
Joe Lewis, the billionaire owner Tottenham Hotspur, suffered a setback yesterday when Timeweave rejected his £50m bid to acquire the horseracing broadcaster.
Timeweave, which holds licences with 34 courses to televise races in betting shops, said the offer of 22p a share "fails to reflect fully the value" of the company.
Mr Lewis holds 29.9 per cent – the maximum a shareholder can own before triggering a takeover bid – of Timeweave through his Mayfair Capital investment vehicle and has been an investor in the Aim-listed company for more than five years.
Timeweave's directors said they "consider the offer could represent a loss of value for any shareholders that choose to accept it when compared to the alternative of Timeweave continuing its current activities and its strategic plan to take advantage of further investment opportunities".
While they acknowledged that the 22p-a-share offer represents a 12.8 per cent premium to the closing price of 19.5p on 5 September – the day before Mayfair made its bid – this is the same average price over the previous 12 months.
- 1 Planes go hybrid-electric in important step to greener flight
- 4 Hip hop is both racial and political, and for Iggy Azalea to suggest otherwise is insulting
- 5 Man hospitalised with pneumonia after downing eggnog at office Christmas party
Antonio Martin shooting: Black teenager may have tried to ambush patrolman, says police officer's lawyer
Orphan kangaroos spend Christmas without their parents
Northern Lights above Britain: Stunning Aurora Borealis illuminates Northumberland sky on Christmas Eve
New route to Mars could make manned mission much cheaper and easier
Isis 'did not shoot down Jordan war plane' before capturing pilot, says US
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Alex Salmond has 'broken his word to the Scottish people' says Scottish Lib Dem leader
iJobs Money & Business
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...
£43500 per annum + pension + holidays: The Jenrick Group: Night Shift Operatio...
£20000 - £25000 per annum + OTE £40,000 + Car + Pension: SThree: SThree are a ...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...