Herbert Smith is advising GPG (UK) Holdings, a wholly-owned subsidiary of Guinness Peat Group, on its hostile bid to force a company to sell off assets and give the cash back to investors.

GPG already owns 10% of the shares in leisure group De Vere and is looking to pick up a further 28.5 million shares – roughly 25% of the company’s current share value – to give it a 35% stake.