UPDATE 1-Joe Lewis makes 50 mln stg bid for Timeweave
LONDON, Sept 6 (Reuters) - British billionaire Joe Lewis has launched a 50 million pound ($80 million) takeover bid for Timeweave, a company with a stake in a television channel which broadcasts horse racing to betting shops and which is listed on London's junior market.
Timeweave said on Thursday that it was considering its response to the 22 pence per share offer made by Lewis's Mayfair Capital vehicle and would make a further announcement in due course.
Lewis, who made his name as a currency trader and who owns Premier League London soccer club Tottenham Hotspur, already holds a 29.99 percent stake in Timeweave through Mayfair, which said it has a total interest of 45.79 percent in the company after receiving undertakings from other shareholders.
In addition to its horse racing interests, Timeweave owns a stake in a television production company and operates SportingWins, a company which writes financial contracts to cover risks related to the results of sports events.
Cash-rich Timeweave had 25.1 million pounds on its balance sheet in March.
"Mayfair does not believe that Timeweave is suitable to be a publicly traded company and is therefore offering shareholders the opportunity to exit their current investment at a premium to the recent market price," the bid vehicle said in a statement.
Shares in Timeweave closed at 19.5 pence on Wednesday, below the 22 pence level of Mayfair's cash offer.
The bid for Timeweave is Lewis's latest tilt at taking over a public company, after he abandoned plans to buy British pubs and restaurant group Mitchells & Butlers last October.
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'
- North Korea says Kim's powerful uncle dismissed for 'criminal acts'
- Thai PM calls snap election, protesters press on
- Billy Joel, Shirley MacLaine feted at Kennedy Center Honors
- Singapore hit by rare outbreak of rioting, 27 arrested |