Gresham move rejected by shareholder

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.

Gresham said it had been in discussions regarding a possible takeover with an unnamed consortium. The consortium valued Gresham at €1.35 per share, but said a formal offer for the company would be conditional on receiving 80% support from shareholders.

In a statement to the stock exchange yesterday, Gresham said a shareholder holding more than 20% of the company was not prepared to accept such an offer “at this time”.