LONG-SUFFERING shareholders in Gresham Hotels continued to inch towards the exit yesterday as the consortium preparing a takeover bid was granted another week to make an offer.

THE impasse at Gresham Hotels took another twist yesterday when the company revealed that a recent approach from a potential buyer had been rejected by its major shareholder.

SHAREHOLDERS in Gresham Hotels will keep a close eye on trading patterns today, following the announcement of a takeover approach on Friday.

The Gresham Hotel Group has released a statement to the Stock Exchange saying that a consortium that appeared to be interested in buying its business has withdrawn its approach.

THE Gresham Hotel is in play for a possible €100m-plus takeover bid, the Irish Takeover Panel ruled yesterday when they deemed the company to be “in an offer period” for the purposes of disclosures by any of the parties involved.