Shares in Quintain Estates & Development edged up after Quill Securities, the property investment unit of HBOS, increased its stake in the company to 13.9%. Financial Times

Quill confirmed on Monday that it was preparing a takeover bid for Quintain, which owns land surrounding Wembley Arena and on Greenwich peninsula, after becoming its leading shareholder.

Quill said yesterday that it had bought a further 404,554 shares in Quintain at 882¾p a share, raising its stake by 1.94% to 13.9% and placing a floor on the amount it can offer for the whole company.