Timeweave tells shareholders to accept £50m Joe Lewis offer

TIMEWEAVE, the company that part owns betting shop horse racing channel TurfTV, yesterday recommended shareholders accept a buy-out offer from billionaire Tottenham Hotspur owner Joe Lewis.

Aim-listed Timeweave received the 22p per share offer from Lewis’s fund management business Mayfair Capital Investments in September, valuing Timeweave at just under £50m.

The offer had initially been rejected by independent directors Graham Parr and David Craven, but was accepted yesterday after a number of major shareholders promised to accept the bid.

Mayfair already owns almost 30 per cent of the firm, which also owns stakes in production company DCD Media and risk hedging firm SportingWin.

Lewis has said he will remove Timeweave from Aim if the deal goes through.

Investors in the company, including Goldman Sachs, Leo Fund Managers and GAM International, now have until 16 October to accept Lewis’s offer.