Richard Balfour-Lynn Acquires De Vere Hotels
De Vere, the hotel and leisure group, agreed a lb1 bil takeover by a business ontrolled by property
LONDON, UK, June 29, 2006. De Vere, the hotel and leisure group, yesterday agreed a lb1bn takeover by a business controlled by property entrepreneur Richard Balfour-Lynn. A rival approach from the private equity group Permira is believed to have been rejected by De Vere because it was too conditional.
AHG Venice, created by Mr Balfour-Lynn and other directors of the listed group Marylebone Warwick Balfour, is offering 825p a share for De Vere, valuing the equity at lb723.5m.
The total value of the deal is lb1.1bn, including De Vere's debt and pension liabilities. Shareholders representing 20% of De Vere's equity, including former chairman Lord Daresbury and property group Trefick, have accepted the AHG bid, but the directors' backing depends on clearance by the company's pensions trustees and the pensions regulator.
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