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De Vere in takeover talks
Hotel and leisure company De Vere confirmed that it has received a preliminary approach regarding an offer for the group from an undisclosed bidder.
It has been reported that both the US investment firm Blackstone and NH Hoteles of Spain could have made the approach, but neither has been confirmed. The former had its 750p-a-share bid rejected in December, on the grounds that it undervalued De Vere’s assets.
De Vere, whose brands include De Vere Hotels, Village Hotels, Greens health and fitness, and spirit manufacturer G&J Greenall, saw its shares rise 10 per cent to 825p following the news.
The group has also announced that it has exchanged contracts for the sale of the De Vere Grand, Jersey, to Fund of Delancey, with gross sales proceeds of £15.5m. Completion is expected by the end of April this year.
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