Waterfall Holdings, the British leisure group, has issued its offer document to European Leisure shareholders, offering them 110p sterling (167 cents) per share, which values its takeover bid at £39.2 million .

The offer comprises 203.5 new Waterfall shares for every 100 European shares. According to Waterfall this represents a "fairer deal" than a rival bid from Allied Leisure, which involves 88p per share.