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Osmond waits for decision on hostile 6C bid
Hugh Osmond should learn tomorrow (Wednesday) if his hostile £6.5billion bid for hotels group Six Continents has been successful.
Shareholders will meet at an extraordinary general meeting to decide if the company’s plans to demerge into separate hotel and pub companies should go-ahead. Mr Osmond has said he will withdraw his Capital Management & Investment (CMI) group bid if the demerger plans are given the green light.
According to the Sunday Telegraph private equity firm CVC is also planning a bid backed by Starwood and Marriott.
Meanwhile, the IAHI – the Owners’ Associations of Six Continents Hotels – has denounced the hostile bid by CMI. According to IAHI chairman Jay Fishman the deal “could result into the company being busted into pieces..brand by brand.”
He added that the Osmond deal, if given the go-ahead, could result in many franchisees departing to other hotel brands.
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