InterContinental Hotels brushes off takeover speculation | independent.co.uk
The chief executive of InterContinental Hotels Group has brushed off speculation about a £6 billion takeover approach, insisting that the company can grow under its own management. A major investor in the FTSE 100 hotels giant, hedge fund Marcato Capital Management, last week urged InterContinental to consider a tie-up with a rival, rather than fall prey to a foreign bid — the £6 billion offer came from an unnamed US suitor. But chief executive Richard Solomons asserted that the group, which also owns the Crowne Plaza chain, could grow under its own management, adding that its $10 billion (£5.96 billion) market capitalisation had returned “a ton” of value to shareholders.
