Timeweave recommends billionaire Joe Lewis offer

Wed Oct 3, 2012 3:24am EDT

Oct 3 (Reuters) - Timeweave Plc, which owns half of a television channel which broadcasts horse racing to betting shops, said it recommended British billionaire Joe Lewis' 50 million pound ($80.69 million) offer for the company.

Timeweave, listed on London's junior market, received an offer of 22 pence per share from Lewis's Mayfair Capital vehicle last month.

The offer would remain open until Oct. 16, the company said.

Lewis, who owns Premier League London soccer club Tottenham Hotspur, has received acceptances from Timeweave shareholders, which represent about 30.45 percent of the company as on Oct. 1.

He already owns a stake of 29.99 percent through Mayfair.

In addition to its stake in the television channel, TurfTV, Timeweave operates SportingWins, a company which writes financial contracts to cover risks related to the results of sports events.

Timeweave shares, which rose 12.2 percent since the Mayfair offer on Sept. 6, closed at 21.88 pence on the London Stock Exchange on Tuesday.

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