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Guinness Peat Group, the investment group led by Ron Brierley, says its increased offer for Newbury Racecourse has lapsed.
GPG was attempting to buy Newbury Racecourse, the owner of the horseracing track in southern England of the same name. It offered £34.6 million ($87 million) or £11.50 ($28.90) a share.
GPG had valid acceptances for the offer from 26.3 per cent of Newbury shareholders at the closing date of the increased offer. "As the increased offer has now lapsed, Newbury Racecourse shareholders have ceased to be bound by any such acceptances," GPG said yesterday.
Newbury Racecourse said it had received a request from GPG and one other investor to convene a meeting of shareholders in a bid to change management and strategy.
GPG wants three Newbury directors removed and wants to stop the sale of land to homebuilders David Wilson Homes or Barratt Developments.
Management recommended that shareholders take no action.
Newbury said it would discuss the request with its advisers and make an announcement "in due course".
Newbury directors David Sieff, Nicholas Jones and Brian Stewart-Brown should be removed with immediate effect, and Richard Laurence Todd, GPG's chief financial officer, should be appointed as a director, GPG told Newbury.
Earlier, Newbury had said: "GPG are trying to gain control of your board and your company 'by the back door'."
Newbury stages races, including the Hennessy Cognac Gold Cup over jumps and the Lockinge Stakes on the flat.
