Hugh Osmond will this week make a £5.7bn cash and shares bid for hotel group Six Continents and pledge to return £1.5bn to shareholders.
To do this he plans to carry out a series of sale-and-leasebacks and securitisations of parts of the group’s portfolio.
Rival bids are being planned by Hilton and buyout groups Blackstone and KKR. Hilton would also sell assets and return cash to shareholders.
References: Sunday Times Business 23/02/03 Page 1, Sunday Telegraph Business 23/02/03 Page 1, Observer Business 23/02/03 Page 1, Financial Sunday Express 23/02/03 Page 1
