Quintain Sets Ultimatum For HBOS Bid

LONDON (CelebrityAccess MediaWire) — The development company that owns the land surrounding Wembley Stadium has called on the British Takeover Panel to issue an ultimatum notice to HBOS, essentially telling the company to “put up or shut up” two weeks after the bank announced it was “evaluating its options” on a possible bid for the company.

Quintain Estates & Development chairman John Plender told the Times Online that none of the company’s directors or management had held talks with HBOS or its bankers at Merrill Lynch since the original announcement.

“Any notion that management is seeking to do a management buyout is just wrong,” he told the paper.

Quintain is sitting on permission to build 4,027 homes on the land around the stadium and Wembley Arena, the venues that it built and owns. The company also holds the rights to build 10,010 homes on 194 acres in Greenwich around the new opened O2 Arena.

The company would not comment on what price, if any, would be acceptable for the board to entertain takeover talks.

Earlier this year, HBOS bought housebuilder Crest Nicholson for £715 million. –by CelebrityAccess Staff Writers

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