The Property Franchise Group has continued to reject overtures from Belvoir.
Yesterday, in a brief statement to the stock market, it said it had noted the response from Belvoir Lettings to the rejection of its merger offer on Wednesday, and reiterated that the £33.7m offer would not be in its best interest as it “significantly” undervalues the company.
Belvoir said on Wednesday it wanted to provide clarity on points made by TPFG in its rebuff on October 20, noting that the offer was “not an unsolicited approach” but a “response to a willingness to engage in discussions expressed to the board on more than one occasion by TPFG”.
Belvoir chairman Mike Goddard said: “We are disappointed with the TPFG board’s refusal to discuss the possible merger offer and believe that the shareholders of both companies will recognise the potential benefits that the enlarged group ought to be able to generate in the medium term.
“We recognise that the TPFG board speaks for approximately 49.3% of TPFG’s shares but would hope as a matter of process that they will fully consider the merits of the possible merger offer in the context of the TPFG shareholders as a whole.”
It looks like Belvoir need to add a few more noughts to the cheque and TPFG will accept. It has gone from “we are not for sale ‘ to “your offer significantly undervalues the Company” – money always talks !
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With a slowing market I don’t think this is the last we’ll hear
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