The Property Franchise Group (TPFG) has said the possible merger offer from Belvoir Lettings would not be in the best interests of its shareholders.
It comes after Belvoir issued an announcement stating that it its initial possible merger offer was not an unsolicited approach, but had been made in response to a willingness to engage in discussions "expressed to the board on more than one occasion by TPFG".
Belvoir said it was firmly of the view that it is the right time for industry consolidation.
The Property Franchise Group has previously rejected the offer, saying it was an "unsolicited approach".
At 9:03am: (LON:TPFG) Property Franchise Group Plc The share price was 0p at 142p