Gresham shareholder accepts €117m offer

THE Gresham Hotels takeover saga finally reached its endgame yesterday as the company's major shareholder moved to accept an improved offer that valued the group at €117 million.

Precinct Investments, the vehicle set up by businessmen Bryan Cullen, JJ Murphy and David Coleman, said it had increased its earlier offer of €1.30 per share and would pay an extra 10c for outright control of Gresham.

Major shareholder Red Sea Hotels, the Israeli hotel group that controls 28% of Gresham and had opposed earlier takeover attempts, will accept the new offer.