The offer timetable for Crown Sports has been suspended pending further discussions between the golf and health club group and its chairman, Jeff Chapman, regarding an increased offer.

In an update issued yesterday (25 November), Crown said: 'The Panel on Takeovers and Mergers has agreed to suspend the offer timetable for 11 days pending discussions regarding the possibility of an increased offer at price of 7p per share.'

This is an increase of 2p per share on Chapman's original 5p per share offer - which valued the company at £14.5m.

However, Crown added that there was no assurance that an increased offer would be made, or that it if it was, that it would be at 7p per share. There was also no assurance that should a 7p per share offer be made, that it would be accepted by the Independent Directors.

Crown has also revealed the company it has granted exclusivity to with regard to the acquisition of Crown Golf, is New Golf Club Investments and that negotiations for the chain's disposal for £14.5m are at an advanced stage.