IHG denies sale or merger speculation
InterContinental Hotels Group (IHG), which owns the Crowne Plaza and Holiday Inn brands, has denied speculation that it is considering a sale or merger.
A statement from IHG, which operates 5,000 hotels worldwide, said: “Following recent market speculation, the board of directors of IHG states that it is not considering a potential sale or merger of the company.”
It comes four months after the group denied rumours of a possible merger with Starwood Hotels & Resorts.
Last year Marcato Capital Management, which owns a 4% stake in IHG shares, released a letter to its fellow shareholders encouraging them to reach out to the IHG board and call for a ‘strategic review’ of the business.
The company urged the group to consider accepting a merger with a rival company, which it claimed would double the value of the company. This came after IHG reportedly turned down a $10bn (£6bn) offer from an unnamed American rival in May last year.
