Ashquay sought to buy shares in the market to secure outright victory in its £21m battle for control of UK Estates last night. The outcome looked too close to call at midnight after shares in UK Estates closed 75p higher at 28.5p. Ashquay ended 0.5p higher at 40p. Ashquay said it would borrow up to £750,000 just minutes before the offer closed to acquire shares in UK Estates.
Ashquay is thought to have used the money to go into the market and buy a 3% stake held in UK Estates by the Co-op Bank. A delay in the outcome of the bid was caused by uncertainty about whether Ashquay would be able to secure registration of the Co-op shares with the Takeover Panel.
- The Independent 14/01/97 page 16
