Gresham takeover stalls
The takeover of Irish hotel group Gresham looks unlikely to go ahead following its major shareholder's refusal to accept the current offer.
Late last month a consortium of three Irish investors, who have been eyeing Gresham for some time, lowered its offer for the group from g1.45 (97p) per share to g1.35 (90p) per share.
Gresham's largest shareholder Red Sea Hotels, which holds more than 20% of the company, said it wouldn't accept such an offer and has effectively blocked the bid in its current form.
The approach was conditional on the consortium getting acceptances from at least 80% of Gresham's shareholders.