Gresham mystery bidder reaches deadline

SHARES in the Gresham Hotels were flat yesterday ahead of today’s deadline for a mystery bidder to declare its intentions for the group.

The Irish Takeover Panel has given the so-far unnamed bidder until 5pm this evening to say whether it intends formally to make a bid for Gresham.

The bidder has indicated to the Gresham board that it is willing to pay €1.35 per share for the company, around €103 million, if 80% of the company’s shareholders accepted the offer.