Red Sea and Whiterain block sale of Gresham

THE Irish Takeover Panel plans to investigate further whether there are any links between two of Gresham Hotel Group’s largest shareholders.

In a short statement yesterday the Irish Takeover Panel said it has decided to conduct a hearing under Section 11 of the Irish Takeover Panel Act to find out if Red Sea Hotels, which owns 28% of Gresham shares, are acting in concert with Whiterain International, an 11% shareholder.

If they find that the pair are acting in concert then Red Sea could be forced to make a bid for the rest of Gresham under Irish company law.