Green Property has gained control of the publicly-quoted, Manchester-based, Trafford Park Estates. The vast majority of the Trafford shareholders opted for cash rather than Green shares.

Green received acceptances from shareholders representing 60.1 million Trafford shares, or 87.33 per cent of the total, by 1 p.m. yesterday, the final deadline for the cash alternative offer. Shareholders representing 53.9 shares, or 89.7 per cent of the total, went for the cash. While a large proportion of the Trafford shareholders were expected to go for the cash, particularly as the Trafford board had favoured the cash alternative, the out-turn is higher than expected. The cash offer was 190p sterling per share while the share offer valued Trafford's shares at around 204p. When the offer was first made, the margin was wider and institutional shareholders were then indicating a preference for the Green shares. However, their intention was to subsequently sell the shares.

Trafford had warned that Green's shares were trading at a 46 per cent premium to the reported asset value and "may be vulnerable to erosion of that premium". That comment would have been influential in persuading a number of the Trafford shareholders to accept the cash rather than Green shares.

The share offer remains open for acceptance. Green is expected to quickly pass the 90 per cent acceptance level. At that stage it can compulsorily acquire the outstanding shares. When this is completed, the percentage going for cash will reduce to 78 per cent. The cash alternative was underwritten.

Mr Stephen Vernon, Green's managing director, said he was "delighted with the outcome" of the offer. "Our job now is to concentrate on realising the potential within the combined portfolio for the benefit of existing and new shareholders alike." When the Trafford board conceded defeat last Monday, and recommended acceptance, it was inevitable that the £133 million sterling (£156 million) bid would succeed.

Trafford had always contended that the Green bid undervalued the company. A valuation put Trafford net assets per share at 201p sterling. Trafford had also noted that there was an additional potential development surplus of 20p per share and a longer-term development potential of 27p. These, however, were dependent on planning permission.