The company told the London Stock Exchange that it is in preliminary discussions with several parties interested in making a competing offer for Grantchester although there is no certainty as to whether a higher offer will be made. Speculation is centering on Haslemere as a potential suitor.
Two weeks ago a management buyout vehicle called Dundonald Holdings Ltd posted a recommended cash offer of 218p per share, valuing Grantchester at £168 million ($263.5 million)
The Dundonald offer is backed by Tom Hunter's West Coast Capital and Bank of Scotland's Uberior Investments. The bid is at a 4.8% premium to Grantchester's average share price over the past three months and at a 6.3% premium to the 'triple-net' asset value per share of 205p.
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