Gresham receives revised bid approach

Gresham Hotel Group said it has received a revised bid approach from a consortium of investors.

The new terms involve a lowering of the proposed bid price to €1.30 from €1.35 and a reduction in the acceptance pre-condition to 54% from 80%.

The revised proposal follows a rejection of the original approach by Gresham's largest shareholder, which has over 20%, because of the 80% requirement.

Under the new approach, if an offer is made and acceptance levels reach 80%, the offer will be raised to €1.35 per share.

The board and the consortium are moving forward with a view to the consortium announcing a firm intention to make an offer during the week beginning May 10, Gresham said.