No sooner has the unsolicited approach for AstraZeneca by Pfizer quietened down than…IHG is rumoured to be the next major target for a foreign takeover!
Although IHG appears a giant in the international hotel industry, there’s always someone bigger or with access to the necessary finance. Shares in IHG have jumped about 6% on rumours that a £6 billion bid may have been made – and rejected because it was considered too low.
The rumour suggests that the approach has been made by a US hotels or investment group, with Starwood the suitor – but that leaves plenty of other potential suitors, some of whom will certainly be looking at the numbers to see if an offer over £6 billion makes sense.
As with Pfizer, it is thought that one attraction of a deal would be the tax advantages of moving the merged ‘group’ to the UK.
Watch this space!