De Vere turns down bid

15 December 2005 by
De Vere turns down bid

Hotel group De Vere has admitted it has received a preliminary approach from an unnamed suitor, after its share value climbed on bid speculation.

However, the company said the approach had been rejected unanimously by its board because it did not reflect fully De Vere's value and prospects.

The company added it was not in discussions with any other party with regard to an offer.

De Vere, which operates a collection of luxury hotels alongside its leisure club-based Village Hotels, is looking for golf resorts in Portugal and Ireland, having recently signed its second Spanish management contract.

By Chris Druce

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