Bid battle looms at London Forfaiting

ENTREPRENEUR Jonathan Rowland has waded into the battle for control of trade financing group London Forfaiting, saying today that he was in talks that could lead to a £30.9m takeover offer.

The potential bid by Rowland, the son of property-to-casinos-financier David 'Spotty'' Rowland and founder of Resurge, threatens to hijack a rival cash offer made two weeks ago by Malta-based First International Bank.

LFC directors have already recommended that shareholders accept FIMBank's 29.5p-a-share offer, made on 22 July. About 40% of LFC shareholders have accepted so far, although both companies are awaiting regulatory approval.

But Resurge, which traditionally targets struggling private and public companies in return for equity, has been building a stake in LFC over recent weeks.

From 23 July to 30 July the company acquired contracts for difference over 3.15m ordinary shares, accounting for about 3.01% of LFC's shares.