Property group eyes hotelier

PRIVATE property group Delancey is preparing a bid worth 850 pence per share for hotelier De Vere, according to reports yesterday.

Delancey has reportedly teamed up with a private equity group to back the offer which would value De Vere at more than £710 million.

Shares in De Vere closed at 804p on Friday, valuing the company at about £674m.