InterContinental board responds to Marcato, says current strategy remains best option
The Board of InterContinental Hotels Group (IHG) (the "Board") notes the announcement made by Marcato.
IHG maintains an active dialogue with all its shareholders and welcomes the feedback it receives. The Board regularly considers all options for driving shareholder value. IHG met Marcato on 22 September 2014 and 29 October 2014 and reviewed its analysis. Following this review, the Board has concluded that it remains in the best interests of all its shareholders to continue to pursue its current strategy for high quality growth and delivering strong operational and financial performance.
Earlier today, Marcato Capital Management LP ("Marcato"), a San Francisco-based investment manager that owns approximately 4.0% of the outstanding shares of Intercontinental Hotels Group plc (LSE: IHG; NYSE: IHG), released a letter to IHG shareholders along with a detailed presentation outlining the results of an independent evaluation of various potential strategic alternatives conducted by Houlihan Lokey. In the letter it urged a full review of strategic alternatives.
Source Stock Exchange Announcement