De Vere agrees to takeover

26th Jun 2006

British hotel operator De Vere Group Plc agreed to a 723.5 million British pound ($1.32 billion) takeover on Monday. AHG Venice has made the offer, although private equity group Permira said in a statement it may make a bid for De Vere and urged the hotelier’s shareholders to take no action on the AHG offer.

“Permira is considering its position and a further announcement will be made in due course,” reported the Reuters news agency.

AHG chairman Richard Balfour-Lynn said: “De Vere is complementary to our existing hotel and conference business and we believe our considerable experience in leisure and property management will help develop the De Vere business”. 



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