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Precinct extends offer deadline for Gresham Hotels

16 June 2004
Precinct extends offer deadline for Gresham Hotels

The consortium trying to take over Ireland's Gresham Hotels group has given investors more time to accept its £73m bid after winning the support of less than a third of shareholders.

Precinct Investments, a consortium of three Irish hoteliers and property developers, needs at least 54% of shareholders to accept if it wants to go ahead with its bid for the seven-strong hotel chain.

With acceptances so far from investors holding 28.25% of Gresham's shares, it has extended the offer to 29 June.

Precinct's offer is still being opposed by Israeli group Red Sea Hotels, which has a 27.7% stake in the company.

The Irish takeover board is investigating a 10.3% stake built up by a Hong Kong businessman Balram Chanrai following suspicions that he is working in concert with Red Sea to scupper Precinct's offer.

by Angela Frewin

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