The Precinct consortium looks to have won its battle to take over Gresham Hotels after increasing its offer from €1.30 to €1.40 per share this afternoon.
Gresham's largest shareholder, Red Sea Hotels, which had been holding out against the previous offer, this evening accepted the increased offer.
Precinct said it had also received acceptances from other significant shareholders Whiterain International, Balram Chainrai and Ian Ilsley. These, together with Red Sea, represent 42.6% of the ordinary share capital of the company.
Precinct had already received acceptances from shareholders representing more than 37% of the company. It said those who had accepted the previous offer did not need to take further action and would receive the increased offer.
Precinct is a consortium made up of property developers David Coleman, JJ Murphy and Brian Cullen.
This evening, the Irish Takeover Panel said it had decided to adjourn a preliminary hearing scheduled for next Thursday, pending the outcome of the Precinct offer.
The panel last month decided to hold the hearing to investigate whether certain shareholders in Gresham wee acting in concert.
