Entrepreneur Joe Lewis has moved closer to pushing through his £17.3m offer to takeover AIM-listed Bulgarian Property Developments.
His company, Windsorville, this morning said that its offer of 16p a share had become unconditional, as he now had ownership of more than half of the shares. Shareholders with 16.83% have accepted Windsorville's offer, which, when added to its own 35.56% stake, gives it 52.4% ownership.
Windsorville's offer remains open until 26 March. It urged the remaining shareholders to accept the offer – which represents an 83% discount to the company’s net asset value of 50.6p a share.
Earlier this week the developer appealed to shareholders to reject Windsorville’s offer because it represented only 17% of the £54.8m that its assets were valued at by Colliers CRE on 27 February.
It had promised to deliver shareholders higher returns ‘by the end of the year or sooner’ through asset sales, and also offered shareholders a 4p a share payout subject to the offer lapsing.
The AIM-listed developer said that Lewis’s bid was ‘manifestly inadequate’ and was ‘tantamount to acquiring the company for next to nothing.’