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Six Continents spurns hostile bid

SIX Continents, the owner of Intercontinental hotels, has
rejected a £5.6bn bid for its hotel and leisure business.

The offer, from entrepreneur Hugh Osmond, involved selling
off hotels or running them in partnership with other operators.

However, Six Continents is determined to press ahead with
its plan to demerge its hotel division from the pub side, which includes the O’Neill’s
and All Bar One chains. Shareholders vote on Six Continent’s plan on March 12.

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