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Bidder for Gresham Hotels extends offer deadline again

30 June 2004

The consortium seeking to buy Ireland's Gresham Hotels group has again extended the deadline for shareholders to accept its offer after failing to win the level of support it needs.

However, the consortium of three Irish hoteliers and property developers needs holders of at least 54% of shares in the seven-strong hotel chain to accept its £73m offer if it is to proceed.

Precinct has now extended the offer to 6 July.

Israeli hotel group Red Sea Hotels, which has a 27.7% stake in Gresham, continues to oppose the bid.

The Irish takeover panel is currently investigating whether Hong Kong businessman Balram Chanrai, who has built up a 10.3% stake in Gresham, is working in concert with Red Sea Hotels to thwart Precinct's offer.

by Angela Frewin

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