New takeover deadline

LONG-SUFFERING shareholders in Gresham Hotels continued to inch towards the exit yesterday as the consortium preparing a takeover bid was granted another week to make an offer.

In a statement to the stock exchange, the Takeover Panel said it agreed to a new deadline of February 6 for the unnamed consortium to set out its proposals for making an offer for Gresham.

Talks are still ongoing between the Gresham board and the consortium, which is believed to be made up of three private investors. Both sides asked the Takeover Panel for an extension to yesterday’s deadline as they have yet to agree a basis for proceeding to a formal takeover