Shareholders Back Six Continents

LONDON—Shareholders of Six Continents voted on March 12 to proceed with a plan to split the hotel and pub chain in two, rebuffing a takeover bid by British entrepreneur Hugh Osmond.
In the same meeting, shareholders also rejected a request by Osmond to delay the proceedings so they could reconsider his $9 billion proposal.
Osmond later said he planned to drop the offer.
Six Continents said the breakup plan was approved by a margin of more than four to one and would go ahead as planned on April 15.
Osmond, who co-founded the PizzaExpress restaurant chain, opposed Six Continents` plan to spin off its pubs from its hotels, and accused the company`s management of destroying shareholder value.
If his bid had been approved, Osmond planned to break up the company and sell the hotel business, which includes the InterContinental, Holiday Inn and Crowne Plaza brands.