Intercontinental Hotels rumoured to be eyed by US predator
Shares in Intercontinental Hotels (IHG), the UK-based leisure group, firmed up yesterday, 17 April, amid rumours of interest from a potential buyer in the USA, The Daily Mail reported. The market report said IHG declined to make any comment on the gossip circulating among City traders.
The Daily Telegraph said chatter suggested a merger between IHG and its Stamford, Connecticut-based competitor Starwood Hotels & Resorts, which is thought to have made an earlier approach in 2014. The latest rumours say Senator, a hedge fund which owns a stake in Starwood, may press the business to do a deal and IHG is regarded as an attractive partner for a merger, the report said.
IHG has a market capitalisation of GBP 6.43bn (USD 9.61bn) on the London Stock Exchange. The company’s shares rose 6p to GBP 27.22 yesterday.
Daily Mail, Daily Telegraph