Gresham takeover edges closer

THE takeover of Gresham Hotels edged closer yesterday after it emerged that the consortium that made the approach have dropped the precondition that 80% of shareholders accept the offer before a formal approach.

Shares rose sharply on the news yesterday, gaining 16% in late trading to €1.22.

Gresham has allowed the unnamed consortium seeking to buy the company a further two weeks to consider whether to make a full offer.