Gresham still in talks

Gresham Hotels said last night it is still in takeover talks after shares fell 16%.

The company issued a statement saying takeover talks with an unnamed bidder were ongoing and there was no news on the offer.

Gresham shares fell 16%, or 21 cents, to €1.10 on the Dublin stock exchange yesterday. It is not known what caused the drop, which wiped €17m off the company’s market value.

Just under 4 million shares traded yesterday, which was twice the volume traded the previous day. Late last year Gresham received an approach from an unnamed consortium.