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Gresham bidders cut offer to [euro]1.35 for hotels.
(From Irish Independent)
THE consortium of businessmen eyeing up the Gresham Hotel Group has revised down aprevious offer for the group by 10c to [euro]1.35 per share, valuing the firm at just over [euro]107.3m.
Property developer Bryan Cullen, solicitor David Coleman and builder JJ Murphy, led byDeloitte Corporate Finance, in February raised an earlier offer of [euro]1.35 to [euro]1.45 per share.
The latest revised approach is conditional on the receipt of 80pc of acceptances, but analysts believe that the [euro]1.35 offer will not be enough to entice the 28pc shareholder inGresham, Israeli hotel group Red Sea, which bought into the Irish firm at the [euro]1 level.
Earlier the consortium had told Gresham that it was prepared to go ahead with a previousoffer as long as it was not conditional on the approval of 80pc of shareholders, ...
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