Statement due on Gresham takeover

SHAREHOLDERS in Gresham Hotels will keep a close eye on trading patterns today, following the announcement of a takeover approach on Friday.

Shares rose almost 12% to €1.15 on Friday after the company released a brief statement confirming the approach but refusing to name who was behind it. Gresham said a further statement would be issued in due course.

Gresham’s statement on Friday also said a holder of 1% or more of the company’s shares may have disclosure obligations under takeover panel rules, leading the market to speculate that an existing shareholder may be linked to the proposed bid.