Gresham to continue talks with investors

Gresham Hotel Group has said it has agreed to "progress discussions" with a consortium of investors on its revised approach for the group.

The revised approach is at an increased level of €1.45 and if an offer was made it would be conditional on receiving at least 80% acceptance.

The board and the consortium of investors are in discussions with an aim to announce a firm intention to make an offer by the week commencing March 22.

The Irish Takeover Panel last Friday gave an extension of the deadline until 5pm today by which time the consortium of investors was required to either announce an offer for Gresham or announce that it would not proceed.

The panel has now agreed that this deadline no longer applies.