Bulgarian Property Developments has set out its defence against a £69m takeover bid from an investment company backed by currency speculator Joe Lewis. Financial Times

Windsorville Investments submitted a bid of 64p per share for the Eastern European property specialist at the end of December, a level that the company yesterday described as 'opportunistic' and materially undervaluing its shares.

'The offer from Windsorville should be rejected,' said Ivo Hesmondhalgh, chief executive.

The board is proposing to return up to 32p per share in cash to shareholders. Following this, the board estimates the company would have a new asset value of £53m, including £24m in cash. The board said the company currently has a net asset value of between 75p and 90p a share, according to a valuation by Colliers CRE, depending on the outcome of a planning application in Sofia.