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Alternative Hotel Group agrees price for De Vere Group

26 June 2006
Alternative Hotel Group agrees price for De Vere Group

Verve Venues owner Alternative Hotel Group (AHG) has reached an agreement with De Vere on a cash offer that values the hotel company at more than £720m.

De Vere shareholders will receive 825p in cash for each share they hold, valuing the company at £723.5m, if accepted.

Commenting on the offer, Richard Balfour-Lynn, chairman of AHG, said: "We are delighted that we have reached agreement with De Vere on the terms of the offer, which is at a significant premium to the share price prior to the recent bid speculation."

Following the announcement, private equity group Permira, - whose earlier bid of £705m was rejected - said it was considering whether or not to make another offer for De Vere.

Permira expects to make a further announcement in due course.

AHG bought Initial Style Conferences, now Verve, in December for £325m. It is currently refurbishing the 29 sites and is repositioning itself as a hospitality provider.

De Vere tight lipped over possible bid >>

Starwood lines up for De Vere >>

Private equity firm BC Partners to bid up to £750m for Travelodge? >>

By Matthew Batham

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