Delancey withdraws Greycoat bid

Delancey withdraws Greycoat bid

DELANCEY ESTATES, the property company controlled by George Soros and Jamie Ritblat, son of British Land's John Ritblat, yesterday withdrew its hostile takeover bid for rival Greycoat and announced it would sell its 10 per cent share in Greycoat. The stake was acquired prior to Delancey's bid in March when shares stood at 168p. Yesterday Greycoat shares closed down 1p at 256p ensuring a tidy profit from the bidding war for Delancey and Mr Soros's Quantum Realty fund.