Red Sea rejects €1.35 consortium offer for Gresham

Gresham Hotel has said its largest shareholder, Israeli group Red Sea , who holds a more than 20% stake, rejected a revised approach of €1.35 a share for the company that had been made by a consortium of investors.

The revised approach is conditional on the receipt of at least 80% acceptances and so as a result of the shareholder's rejection the offer could not be recommended by the board.