Green Property has made its final, and unchanged, hostile £133 million sterling (£160 million) bid for Trafford Park Estates, saying that Trafford has said nothing to justify an increase in its offer. Trafford, however, has hit back, arguing that the cash and share offers are now at a discount to Trafford's net asset value per share of 201p. It again urges shareholders not to accept.

Green has extended the final day for acceptance until July 17th and has warned that it will not be extended beyond that date. However, it reserves the right to increase or extend the offer if there is a counter bid. While approaches have been made to a number of potential counter-bidders, Green said, "no such bid has emerged".

Green, in the latest war of words, has castigated Trafford's second defence document. "It contains no material, new information and has only served to reinforce the board's belief that Green's offer represents fair value and that Trafford Park Estates shareholders should accept it". Green's share offer values each Trafford share at 191p, while there is a cash alternative of 190p. Green has noted that the day before it made the approach to Trafford, the Trafford share price was 159.5p and since then the FTSE property price index has fallen by 8.3 per cent. The latest Trafford accounts show a net asset backing of 201p per share. Green said this does not take account of the contingent tax which if excluded would reduce this value to around 190p.

Trafford noted that the Green share price has declined by 33p since the offer, underlining the need for caution. Despite the fall, Trafford said Green shares remain at a 39 per cent premium to reported net asset value "and may be vulnerable to further erosion of this premium". Trafford, added it is "actively continuing to examine options of maximising value to shareholders."

In response, Green asked: "What are the prospects for the shares if Trafford Park Estates remains as an independent company?"