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Orb backs down from Thistle bid
Orb Estates has confirmed it has abandoned its current plans to acquire London hotelier, Thistle Hotels, but has not ruled out a future bid for the group.
In a statement released on 9 January, Jersey-based investment company, Orb, said: 'Orb confirms that it will not proceed with an offer for Thistle. However, Orb reserves the right to make an offer for Thistle at any time in the event that the board of Thistle agrees to recommend the making of an offer by Orb or a third party announces a firm intention to make an offer for Thistle.'
The Takeover Panel had ruled that Orb must announce a bid for Thistle by 15 January or withdraw.
Relations between Orb and Thistle have soured since November, when Thistle launched legal action against the investment company claiming it was still owed £14m from a £600m property deal earlier in the year.
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