Gresham bidders given deadline by takeover panel

The consortium at the centre of the Gresham Hotel bid must decide its next move by 5pm on Friday, January 16.

The Irish Takeover Panel ruled today that the so far unnamed consortium must either increase its offer or remove an 80% shareholder acceptance clause to allow the matter to proceed.

Last month the Gresham group indicated that an offer of €1.35 per share had been made but that this was conditional on there being an 80% shareholder acceptance of the bid.

The Hotel Group stated that one of its main shareholders with a 20% plus stake, would not accept the bid.

The situation has been deadlocked since then.