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Conditional cash offer made for Thistle

03 August 2005

Thistle Hotels owner BIL International has received a conditional cash offer from High Glory Investments acting on behalf of Malaysian billionaire-tycoon Quek Leng Chan.

Last month Quek's Hong Kong-based company Guoco Group increased its stake in Singaporean BIL to more than 30%, triggering a takeover bid.

Quek's bid of $1.20 (41p) per share values London's biggest hotel group at £550m.

Thistle has 10,000 rooms in the UK, 6,000 of which are in London, including flagship properties at Victoria, Kensington Place and Marble Arch.

BIL took Thistle private in 2003 with a £627m deal but has subsequently sold six properties for a rumoured £185m.

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Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

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