Reuters logo
RPT-IHG urged by asset management firm Marcato to explore takeover deal
May 29, 2014 / 1:20 PM / 3 years ago

RPT-IHG urged by asset management firm Marcato to explore takeover deal

(Repeats to additional subscribers)

LONDON, May 29 (Reuters) - 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 opportunity.

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 Henderson

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below