Bulgarian Property Developments has once again urged its shareholders not to accept the £17.3m takeover bid by entrepreneur, Joe Lewis.

The second recommendation to ‘take no action’ followed Lewis’s second bid offer of 16p a share after increasing his stake in the AIM-listed developer to 35.6% last week.

In a Stock Exchange announcement this afternoon it said Lewis’s company, Windsorville, had failed to reflect the company’s asset value and was offering ‘fire sale’ prices, when the company had ‘substantial net cash reserves’.

It said that it had made ‘repeated attempts to meet with Windsoville and has been consistently rebuffed’ and as a result it was ‘surprised and disappointed at the tone of the offer document.’

It said a circular detailing its response within the next two weeks would show that Windsorville was ‘seeking to take advantage of the difficult market conditions arising as a result of the global economic crisis and to acquire Bulgarian Property Developments in an opportunistic manner at a ‘fire sale’ value despite the fact that the company has substantial net cash reserves.’

It also claimed that Windsorville had included misrepresentations and inaccuracies in the offer document where it described ‘failings’ of Bulgarian Property Developments and ‘lack of good governance’.

In response, Windsorville told the Stock Exchange that in respect to comments it had made regarding the compensation payable to the non-executive directors of Bulgarian Property Developments it ‘retracts the statements in the offer document’.

In September 2007 Lewis made an offer of 64p a share, after acquiring a 24.4% stake, but was rebuffed by the company’s board, which at the time said the offer ‘materially undervalues the company’.