The consortium trying to take over Ireland's Gresham Hotels group has given investors more time to accept its £73m bid after winning the support of less than a third of shareholders.
Precinct Investments, a consortium of three Irish hoteliers and property developers, needs at least 54% of shareholders to accept if it wants to go ahead with its bid for the seven-strong hotel chain.
With acceptances so far from investors holding 28.25% of Gresham's shares, it has extended the offer to 29 June.
Precinct’s offer is still being opposed by Israeli group Red Sea Hotels, which has a 27.7% stake in the company.
The Irish takeover board is investigating a 10.3% stake built up by a Hong Kong businessman Balram Chanrai following suspicions that he is working in concert with Red Sea to scupper Precinct’s offer.
by Angela Frewin
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