UK Mortgages Ltd. (LSE:UKML) has proposed a strategic review that could see the home loan investment fund wound up in an attempt to stop its £215 million buy-to-let portfolio falling in the hands of M&G. The board of the £172 million Guernsey investment company reiterated its rejection of a 67 pence cash per share offer on behalf of the M&G Specialty Finance Fund, which it said ‘materially’ undervalued its assets and prospects and said the two sides were no longer in talks. The board said it would commit to a future review of strategy once the company was no longer in an offer period under the City’s takeover code. The review, it said, would aim to maximise the value for shareholders from the ‘high quality’ assets managed by TwentyFour Asset Management and would look at all options from reconstruction, a partial sale of assets, or the orderly wind up of the company to return capital to shareholders. The move comes after M&G urged UKML shareholders to push the board back to the negotiating table, accusing it of reversing a previous cut in the dividend so as to avoid a continuation vote it might have lost.