IHG's Stock Jumps Following Reported Takeover Bid
Tuesday May 27th, 2014 - 10:30AM 0
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DENHAM, UK—InterContinental Hotel Group’s (IHG) stock jumped some 5.5% following reports that the company had rejected a 6 billion pound, or $10.1 billion, takeover offer from a U.S. bidder.
According to UK-based Sky News, IHG’s board met a few weeks ago to consider the offer, but rejected it on the grounds that it was too low. Sky News also reports that the while the identity of the bidder was unclear, analysts have speculated that it may have been Starwood Hotels & Resorts Worldwide or an investment fund such as Starwood Capital.
IHG’s portfolio includes nearly 4,700 hotels under nine brands, including the iconic Holiday Inn flag.
Tags: IHG • takeover • Hospitality • Personnel •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.