Several investors in Six Continents (6C) indicated they could be receptive to Hugh Osmond’s proposals for the hotels-to-pubs group.
One top 10 investor said the only reason shareholders were tolerating the management’s plans for a demerger was the hope the company would be swallowed up soon after.
Osmond is expected to offer about £5.6bn through his Capital Management & Investment (CMI) vehicle this week. Kohlberg Kravis Roberts and Blackstone are expected to launch a white night bid if CMI goes hostile. Hilton is also thought to be interested in bidding. 6C said CMI was trying to buy it on the cheap.
References: Financial Times 25/02/02 page 20, The Times 25/02/02 page 21, page 22 (Need to know), page 27 (City Diary), The Daily Telegraph 25/02/02 page 32, The Independent 25/02/02 page 24, The Guardian 25/02/0
