The rejection of Green's £146 million sterling offer by the Trafford Park Estates board hardly comes as a surprise. But the decision by Trafford to abandon the previously agreed takeover of Barlows is a clear signal by the Manchester-based property group that it is for sale. The only question is whether a third party will emerge to top Green's cash-or-shares bid.

A lot will depend on the net asset value that Lambert Smith Hampton puts on the Trafford Park property portfolio. Trafford's advisers have indicated that NAV at the end of next month the end of Trafford's financial year will be in the region of 185p to 195p sterling, compared to the 190p cash offer and 212p paper offer from Green.

If that is the case, then the Trafford Park board will undoubtedly look for a higher price for the company, either through attracting another bidder or forcing Green to top its existing offer.

Peel Holdings, with major investments adjacent to the Trafford Park Industrial Estate is one potential counter-bidder, although Peel is thought to have previously walked away from a bid for Trafford Park, frustrated at the board's unwilingness to make a decision on selling.