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IHG’s Stock Jumps Following Reported Takeover Bid

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.

 

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