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LONDON May 29 A large shareholder in
Intercontinental Hotels Group on Thursday urged the
world's largest hotelier to consider a 6 billion pound takeover
offer that was reported to be coming from a U.S. bidder.
Marcato Capital Management, which said it owned 3.8 percent
of outstanding shares in the hotel chain, said the prospect of a
merger with a larger hotel operator would have "compelling
strategic and financial merit" and would be a unique
Sky News last week reported that IHG had rejected a 6
billion pound takeover offer from a U.S. bidder, but the company
has declined to comment since.
"We strongly encourage Intercontinental Hotels Group's Board
of directors to explore such a combination and engage advisors
to conduct a formal process to ensure it evaluates the full
range of opportunities available to maximize value," said Mick
McGuire, managing partner at Marcato.
(Reporting by Li-mei Hoang, editing by William Hardy and Keiron