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Sir Ron Brierley's investment company Guinness Peat Group (GPG) is continuing a hostile takeover bid for the owner of the Newbury horse racing track in southern England.
GPG said yesterday that it now owned around 24.74 per cent of Newbury Racecourse and was extending its offer until January 14.
The offer was due to close on December 28.
Newbury is home to races such as the Hennessy Cognac Gold Cup and the Juddmonte Lockinge Stakes.
A GPG subsidiary is offering £11 ($28.52) a share, valuing the business at £33.5 million, but the offer has been rejected by Newbury's board.
GPG had an existing shareholding of about 20.66 per cent in the company and its offer has so far netted a further 4.07 per cent.
GPG said it did not have any other agreements or derivatives positions that gave it shares in the company. It first made its offer on November 14.
GPG, which has been Newbury's largest shareholder since its initial investment made 13 years ago, has said the offer price represents a premium of 11.68 per cent to the closing price of Newbury's shares on November 13.
GPG has also said it is not convinced about a development plan Newbury outlined in 2006.
The £45 million plan envisages the development of the company as an events business and includes building projects and a golf course.
"GPG is not fully convinced about the plans of [the] Newbury board and its concerns have not been fully addressed by [the] Newbury board. As a result, the company had resorted to the public offer as it wanted to protect the investment made by it in the company," GPG said.
GPG intends to appoint new people to the board and review the company's strategy if it is successful in its takeover.
Newbury made a pretax loss of £1.37 million in the six months to June 30, on turnover of £2.59 million.
- NZPA
