- Thalassa Holdings has insisted that its takeover bid for Local Shopping REIT represented 'attractive value' after it was rebuffed.

Thalassa offered 14.64p and 0.26 Thalassa shares for every share in the property investor that it didn't already own, equivalent to around 35.7p per share.

It claimed its bid offered more value for shareholders than Local Shopping REIT's'risky' liquidation strategy.

'Thalassa believes that the LSR proposal is certain only insofar that it will entail additional unquantified costs, which will only erode LSR shareholder value further and yet again reduce LSR's already shattered NAV,' it said.

At 1:22pm:

[LON:LSR] Local Shopping REIT The PLC share price was -0.1p at 28.1p

[LON:THAL] Thalassa Holdings Ltd share price was 0p at 81p

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