Marcato bid knocked back again by Holiday Inn owner InterContinental Hotels
Holiday Inn owner InterContinental Hotels was forced once again to rebuff activist shareholder Marcato’s bid to make it merge with a rival group.
The American firm which has a 4 per cent stake in London-listed IHG sent a letter to shareholders making the case for discussions with Starwood, Marriott, Hilton, Wyndham, Hyatt or Accor.
It attacked the board and claimed a merger would create more value than the current strategy.
Staying on guard: Holiday Inn owner InterContinental Hotels was forced once again to rebuff activist shareholder Marcato's bid to make it merge with a rival group.
Marcato said: ‘IHG has dismissed our suggestions and it appears they have neither solicited offers nor performed the rigorous analysis necessary to evaluate potential options to achieve this goal [a merger].
‘Given our lack of confidence in the board’s conduct, Marcato retained Houlihan Lokey in August 2014 as its financial advisor to evaluate opportunities for enhancing long-term shareholder value at IHG.’
Shares in the hotel group which are up 40 per cent on the year rose 84p to 2537p.
IHG said: ‘IHG met Marcato on 22 September and 29 October and reviewed its analysis.
‘Following this review, the board has concluded that it remains in the best interests of all its shareholders to continue to pursue its current strategy for high-quality growth.’
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