Slough makes Bredero bid unconditional

SLOUGH Estates declared its bid for the struggling developer Bredero unconditional yesterday, despite receiving acceptances for less than a fifth of the 51 per cent it did not already own, writes Tom Stevenson.

Derek Wilson, managing director, confirmed that Slough would now apply to have Bredero's shares delisted. He said the offer remained open until 29 July for shareholders to change their minds and accept its 10p-a-share-offer.

British Land, which acquired a 7 per cent stake from Scottish Amicable for 11p a share after the bid had been launched, is now faced with the prospect of either consolidating a loss on the deal or holding on to an unlisted investment.

John Ritblat, British Land's chairman, was not available to comment yesterday and Mr Wilson said he did not know what British Land's intentions were.

The acquisition of Bredero draws a line under a pounds 40m loss for Slough, which first bought into the retail and office developer in 1986.