Three directors of Gresham Hotels have failed to be re-elected to the board following a vote called by the Red Sea Hotel Group at Gresham’s AGM in Dublin today.
Mr Jerry Liston, Mr Paul McCracken and Mr Domenico Venosi are not being re-elected to the board.
Gresham said the board was "disappointed, but not surprised" at Red Sea's actions and stressed that the board and management of Gresham will continue to operate the company in the interest of all shareholders both large and small.
The Red Sea Hotel Group holds a 28.25 per cent shareholding in Gresham Hotel group.
A statement issued by the Gresham board this afternoon said: "The actions taken by the Red Sea Hotel Group are consistent with their behaviour in recent times, whereby the board is of the opinion that they are endeavouring to seize control of the group, without making a full and fair offer to all shareholders."
It added: "The board of Gresham now consider it incumbent upon the Red Sea Hotel Group to take up management's offer to enter into detailed strategic discussions.
"Failing this the board are calling on Red Sea Hotel Group to make a full and fair offer to all shareholders."