$113m takeover bid for Gresham

THREE Irish businessmen yesterday launched a €113m takeover bid for the Gresham Hotel group. The long-threatened takeover bid for the Gresham Hotel Group finally came yesterday afternoon.

Precinct Investments, established and controlled by David Coleman, Bryan Cullen and John Joseph Murphy for the purpose of making the offer, tabled the bid with the agreement of the majority of the Gresham board.

A pre-conditional cash offer, to be made by Deloitte Corporate Finance on behalf of Precinct, to acquire the entire issued and to be issued share capital of Gresham was formally made yesterday. Precinct Investments plans to take the company private and de-list it from the Irish Stock Exchange.