LONDON (ShareCast) - Investment group Guinness Peat has increased its offer for Newbury Racecourse to £11.50 per share in cash but Newbury chairman has urged shareholders to continue to reject the offer.
Guinness Peat said the increased offer is final and is in excess of Newbury Racecourse's estimated net assets per share of £11.45, based on the company's own valuation of its surplus land.
However, Newbury Racecourse chairman Sir David Sieff said in a letter to shareholders today that the new offer “significantly undervalues’ the company and its prospects.
Guinness also announced today that it raised its stake in Newbury to 26.21% after acquiring 10,500 shares at £11.50 each.