The Quinn Group's £122 million (€175 million) bid for Wentworth golf course in Surrey stalled yesterday amidst reports of a rival bid emerging. A meeting of shareholders called to consider the Quinn bid was postponed for a week at the request of Chelsfield, the largest shareholder.
Chelsfield - which owns 60 per cent of Wentworth - has given an irrevocable commitment to accept Quinn Group's offer and yesterday's meeting was called to to put the offer to the minority shareholders. The 26 "A" shareholders - as they are known - have the right to pre-empt Quinn's bid at the offer price.
No reason was given for the postponement, but informed sources suggested that retail entrepreneur Mr Richard Caring - who was previously outbid by Quinn Group - had acquired some "A" shares and was now preparing to pre-empt the Irish company at the £122 million price.
It is understood that Mr Caring has also teamed up with Mr Surinder Arora, the hotelier who is a minority shareholder in the golf course. They now control a majority of the 40 "A" shares. The pair bought shares from Mr Eddie Shah, the former newspaper proprietor, among other shareholders.
Sources close to the Quinn Group said that there were also suggestions that a third party was preparing a bid. Under the terms of the commitment given by Chelsfield it can only accept a rival offer in excess of £130 million.
