Guinness Peat Group's (GPG) partial offer for hotel company De Vere Group has lapsed. GPG announced its £122m offer for the company three months ago and received acceptances from just 0.55% of shareholders.
De Vere chairman Peter Daresbury said: "We are pleased that GPG's ill-conceived partial offer has finally gasped its last breath. GPG's actions have achieved nothing except diverting management from making progress against its clearly stated financial objectives, and forcing the company to run up significant costs."