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Gresham shares surge on approach

Gresham Hotels says it has received an approach which may lead to a takeover offer.

A short statement was issued on Friday evening as shares in the company jumped 12 cent to €1.15 in Dublin. The statement said a further announcement would be made in due course.

Last month Gresham announced an approach from a consortium, but later said the consortium had withdrawn its offer.

At the time, Gresham said those talks were on a price below the €1.25-€1.30 range indicated in media reports.

Israeli group Red Sea Hotels owns 28% of Gresham.