InterContinental rejects takeover bid
InterContinental Hotels have reportedly turned down a $10.1 billion bid for the company by an unnamed US suitor.
The offer was made a few weeks ago and dismissed by the IHG board as too low.
A report by Sky News suggests the bid may have been made on behalf of rivals Starwood Hotels & Resorts.
IHG operates over 4,700 hotels in 100 countries including the Crowne Plaza and Holiday Inn brands.
In the last two years it has rolled out two new specialist brands – the wellness-orientated EVEN Hotels and Hualuxe Hotels and Resorts specifically for the Chinese market.
UK-based IHG is an attractive proposition for a US bidder as a US owner would likely be able to move their tax domicile to the UK.
In a procedure known as ‘tax inversion,’ US companies can avoid paying tax on overseas cash holdings.
IHG has recently sold off many of its flagship hotel properties, including in San Francisco and New York, as it looks to concentrate on managing hotels rather than owning.
Earlier this month, IHG announced it would return $750m to shareholders funded by its hotel sell-off.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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