Precinct extends Gresham deadline after target shortfall

The consortium behind the Gresham Hotels bid is expected to give shareholders two more weeks to accept its offer after failing to secure 54% of the company.

Precinct, which is made up of property developers David Coleman, JJ Murphy and Brian Cullen, has received acceptance of its €1.30 per share bid price from just 28% of shareholders so far.

Israeli group Red Sea - Gresham's largest shareholder at 24% - has rejected the bid.

A number of institutions collectively hold a small stake in the company while a Hong-Kong based businessman Balram Chanrai owns a 10.3% stake.