IHG's Stock Jumps Following Reported Takeover Bid
Tuesday May 27th, 2014 - 10:30AM 0
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
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 •
As we begin 2015, and what is expected to be a healthy year for the hotel industry with expansion, progress and innovation as key catalysts for growth, Hotel Business is right on board with that momentum, bringing you, with this issue, our own updated product.