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.