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Alternative Hotel Group agrees price for De Vere Group

26 June 2006

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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