Gresham Hotel Group has asked representatives of a consortium seeking to make an offer to remove one of its pre-conditions.
A statement yesterday afternoon said the approach was made at a level of €1.35 per share, but was conditional on receiving acceptance from 80% of Gresham shareholders.
The hotel group's board said a shareholder holding more than 20% had said it would not be prepared to accept the proposed offer. Israeli group Red Sea has a 28% stake.
The Gresham board has now asked the consortium to either remove the 80% pre-condition, increase its offer, or withdraw its approach. It said the consortium had not yet responded.
