InterConti shares rise on bid interest

28th Dec 2006

Shares in the world’s largest hotelier InterContinental Hotels have risen to a new record high on continued talk of potential bid interest. “Overseas companies and private equity are seen as possible bidders for Intercontinental at around 15 British pounds a share, and market makers are making sure their positions are covered ahead of another long weekend,” a trader told Reuters newswire.

The stock added 4.8 percent last Friday amid speculation linking both a Dubai-based consortium and Starwood Hotels & Resorts Worldwide with a bid for the company, traders said.

Intercontinental declined to comment on the talks last week.


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