The value receivable by a solvent winding-up would be substantially higher than the offer. A WAFR development Walls& Futures (LON:WAFR) has said it will give shareholders a vote on whether to wind the business up if they turn down the takeover offer from Virgata. In a formal response to the 50p per share Virgata offer, the board of the specialist social housing (SSH) group again rejected the bid and said compared to a net asset value of 102p per share it significantly undervalued the business. The REIT’s property assets are worth £3.2mln on the open market, it added, compared to the £1.2mln implied by the offer.