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 •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.