Property Franchise Group continues to reject Belvoir's advances

The Property Franchise Group issued a brief statement to the market on Thursday, in response to a possible merger offer with the company by Belvoir Lettings.

Its board maintained its previous position that the possible merger offer would not be in the best interests of the group’s shareholders.

“The board, holding in aggregate 49.3% of the ordinary shares, believes that the possible merger offer significantly undervalues TPFG and had accordingly unanimously rejected the unsolicited approach made by Belvoir previously on the terms disclosed,” the directors of the AIM-traded company had said on 20 October, just after the possible merger offer was initially announced.

On Thursday, the board said they had maintained their position based on the same reasons.