(AP Photo/Achmad Ibrahim)
JOHANNESBURG - South African construction company Group Five let a R1.6 billion offer from Greenbay Properties for some of its assets lapse at 3pm, Group Five said on Friday, causing its shares to fall more than 14%. 

On Monday, Group Five said Greenbay had offered to buy Group Five’s European assets and gave it until October 20 to accept the offer. But Group Five said the offer undervalued its assets compared with possible rival bids. Shares in Group Five closed lower 14.40% at R10.70. 

Group Five said it had let the offer lapse because it would take too much time for an independent expert to give an opinion on the offer and for the independent board to consider that opinion. 

The company, which posted an annual loss in August, said it had approached Greenbay to discuss timing and its preliminary observation that the offer undervalued its assets. Greenbay said it would not extend the deadline. Group Five said it was still getting expressions of interest for the European assets and other assets within the group.