Tue, 10 Nov 2015 | BUSINESS NEWS
InterContinental Hotels Group (IHG) has denied the speculation surrounding a potential business sale or merger.
Reports led by Bloomberg last week (6 November) suggested that the group is exploring strategic options, including a sale or a merger. The group was in talks with financial advisors, according to the news source, which cited people with knowledge of the matter.
However, InterContinental has since come out to strongly deny the speculation. The group issued a statement to the London Stock Exchange to clarify its position: “Following recent market speculation, the board of directors of IHG states that it is not considering a potential sale or merger of the company.”
The speculation saw the company's shares climb five per cent to a four-month high on the back of the rumours regarding the potential sale or merger.
These latest reports came after the media in July suggested that IHG, the owner of Holiday Inn and others, was in talks with Starwood Hotels & Resorts over a possible merger. These were later denied by the group.
IHG runs almost 5,000 hotels and has seen a strong performance recently, last month reporting that it saw higher than expected growth in the third quarter and noting that it is confident of its outlook.
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