One analyst describes the latest position as a stalemate and suggests the latest Heron move was an attempt to put pressure on Crest. The City's view of the stalemate was reflected in a 10-pence-per-share slide in Crest shares to 408 pence.

Heron, which currently holds a 23.4% stake in Crest, used the statement to urge other shareholders to put pressure on the board to open the books to Ronson. It said it had been "unable to obtain any positive reply from the board in securing the information which it requires to value the business."

A month ago, Heron reserved the right to make an offer for Crest without being given access to the information. Since then, the takeover panel has given Heron a May 4 deadline to make an offer or back down.

A Heron spokesman could not explain why Ronson had decided to withdraw his option of bidding even without access to the books. Crest executives have said the firm had noted the Heron statement, which was being considered by its board. It hoped to issue a response today.

Heron had indicated that it would bid between 345 pence and 430 pence a share, but Crest Nicholson responded by unveiling its 'hidden assets,' which some analysts said gave it an overall net asset value of 500 pence a share.