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Britain's Newbury Racecourse has rejected a £33.5 million ($94 million) takeover offer by its top shareholder GPG Acquisitions, which seeks to scrap a land-development plan around the horseracing venue.
The unit of Sir Ron Brierley's Guinness Peat Group said it had no faith the racecourse management's plan to redevelop the course would prove beneficial to shareholder value.
The board of Newbury rejected the cash offer of 1100 pence per share, calling it "wholly inadequate."
- Reuters
