TurfTV owner turns down bid

Published on 15/09/2012 00:00

Timeweave, the Aim-quoted company that owns half of horse racing television channel TurfTV, has rejected a £50 million takeover offer from Tottenham Hotspur owner Joe Lewis.

The firm said the 22p per share offer “could represent a loss of value for any shareholders that choose to accept it when compared to the alternative of Timeweave continuing its current activities”.

Bermuda-based Lewis made the offer through his Mayfair Capital investment vehicle, which currently owns just under 30 per cent of Timeweave.

In addition to its horse racing interests, Timeweave owns a stake in a TV production company and operates SportingWins, which writes financial contracts to cover risks related to the results of sports events.