The consortium seeking to take over Gresham Hotel Group is expected to give shareholders two more weeks to approve its offer after the first closing date for acceptances passed yesterday.
The Precinct consortium's offer is thought to have been accepted by shareholders controlling slightly more than 25 per cent of Gresham at this stage. The precise figure will be confirmed in a statement to the stock exchange this morning.
This is likely to be followed by some comment from Red Sea, the Israeli hotel group that holds 24 per cent of Gresham, as well as 4 per cent in preference shares.
Red Sea is opposed to the Precinct offer. Precinct has bid €1.30 per share for Gresham, climbing to €1.35 per share if it can attract an 80 per cent acceptance rate.
It is believed some 3,000 retail shareholders accepted Precinct's offer before yesterday's deadline.
A number of institutions that collectively hold a small percentage of the company, including AIB Investment Managers and Irish Life Investment Managers have also accepted the bid.
The consortium - which comprises Mr Bryan Cullen, Mr JJ Murphy and Mr David Coleman - is likely to have been reasonably heartened by the result.
The intentions of Mr Balram Chanrai, a Hong-Kong based individual who built up a 10.3 per cent stake by the end of May, remains unknown. Gresham shares rose two cents to €1.30 yesterday.
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