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De Vere receives bid approaches
Hotel and leisure company De Vere has reportedly received three bid approaches for the group.
Richard Balfour-Lynn – owner of property and hotel company Marylebone Warwick Balfour – has formed a vehicle called Alternative Hotels Group, reportedly in order to launch a lead bid for De Vere.
It is believed that the offer would be for between 820p and 830p a share, which would value De Vere at around £700m.
Balfour-Lynn apparently has the support of the Halifax Bank of Scotland, following a previous alliance on a takeover of Rentokil Initial’s conference business in November 2005.
Permira and property company Delancey have reportedly teamed up to put forward a competing bid and US-based Starwood Hotels is also believed to be in the running.
In addition, De Vere is currently embroiled in a legal tussle at the High Court in London with Fermanagh-based Quinn Group over the operation of the De Vere Belfry golf resort, which Quinn bought from the group last year.
Quinn is reportedly claiming that De Vere has breached the terms of a 25-year management contract to operate the golf course – a deal which Quinn is seeking to terminate. Details: www.devere.co.uk
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