NH Hoteles, Blackstone Chasing De Vere
LONDON, UK, March 24, 2006. Steve Morgan, the multimillionaire housebuilder, stands to reap more than GBP90 million from his stake in De Vere Group after a bid approach for the hotel and leisure operator from NH Hoteles SA of Spain, reports The Times newspaper.
The newspaper says, that it understands that NHH, has made an indicative offer of about 820p a share and is pressing De Vere to be given a period of exclusivity in which to negotiate a deal.
In December De Vere, in which Morgan has a 13.7% stake, rebuffed a 750p-a-share approach from Blackstone Group, the U.S. investment firm that has just made a bid for Center Parcs UK, arguing that its offer undervalued its assets, The Times says.
Separately, The Independent reports that Blackstone has now made an 800p-a-share bid approach to De Vere, which runs 35 hotels such as the Belfry, the Ryder Cup venue, valuing the company at GBP670 million.
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