The board described the latest proposed offer of 800p a share and which would have valued the company at £436 million as "wholly inadequate". Previous offers of 760p and 771p had also been rejected.

Winten had argued in its latest proposal statement that the offer, at a 2.6% premium to Derwent Valley's triple net asset value of 780p, represented good value as the majority of offers for UK property companies in the last three years have been at a discount to triple NAV.

But the Derwent board dismissed this argument saying that the company's full value was not dependent on triple NAV, as it took no account of Derwent Valley's expertise, the value inherent in its refurbishment and development portfolio, the high reversionary element of the portfolio or the expected West End upturn. The statement added that it was a "wholly inappropriate method of valuing the company at this stage of the property cycle".

Winter and Derwent board have also disagreed on the state of the London property market. The team representing Noe believe there is less evidence of an upturn in the market than Derwent have suggested. But Derwent managing director John Burns said: "We are seeing signs of recovery in the West End. We have successfully let over 300,000 sq ft so far this year. The portfolio contains numerous opportunities to enhance value through refurbishment, development and lease management. We have an established track record of creating value for our shareholders and we are confident that we can continue to do so."