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From The Times
November 15, 2007

Racecourse bid stalls at first hurdle

Dominic Walsh

Newbury Racecourse, the century-old Berkshire racing venue where Lady Lloyd-Webber is a director and shareholder, has rejected a hostile bid from GPG Group, its biggest investor, claiming that it undervalues the business.

The £33.5 million offer for Newbury, which is listed on Plus Markets, came after attempts by GPG to dissuade the board from pursuing a £45 million redevelopment of the racecourse and the surrounding land.

The offer by GPG, which already has a stake of almost 21 per cent, has been pitched at £11 a share. Including debt, the offer values Newbury at about £38.4 million.

The second-biggest shareholder, with 12.7 per cent, is Madeleine, third wife of the musical impressario Lord Lloyd-Webber. She is a member of the Jockey Club and owns Watership Down Stud, near Newbury, and Kiltinan Castle Stud, in Tipperary. GPG is concerned the redevelopment would not generate shareholder value.

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