The Gresham Hotel group says talks about a possible takeover of the company are now over.
In a statement issued to the Irish Stock Exchange early this afternoon, the hotel group confirmed that it had been in talks with a consortium of investors, but the price offered per share was too low to accept.
This afternoon' s statement said that the company is not currently in talks with any company or person.
It reads: "The Board of Gresham Hotel Group plc confirms that it is not in discussion with any party in connection with a proposed offer for the Company. The Board confirms that it received an approach on behalf of a consortium of investors, which was conditional on the support of the Red Sea Hotel Group at a price below that which was reported in an article in the Sunday Times on 19th October 2003.
Given the condition attaching to the approach, the Board directed the consortium to the Red Sea Hotel Group.
The Board notes the announcement made by the Board of Red Sea Hotel Group this morning which states that they are not in discussion with any party with respect to their shareholding in Gresham Hotel Group plc . . ."