The founders of hotels group Macdonald have made a £144.7m offer to take the company private, it emerged on Wednesday afternoon.
The five-strong consortium features chief executive Donald Macdonald, chairman Frank O’Callaghan, deputy chief executive Gerry Smith and non-executive directors Donald MacDonald and Sandy Orr.
They have tabled an approach to the remaining independent director Calum MacLeod in a proposed bid that values Macdonald at 240p a share.
Shares in the West Lothian-based company rose 11%, or 23p to 236.5p, following the announcement.
Macdonald, which is the UK’s eighth largest hotel and leisure group following the £235m acquisition of Heritage Hotels from Compass, has more than 100 outlets and employs around 6,000 people.
Last month Macdonald said half-year pre-tax profits fell 9% to £6.2m despite a slight sales rise to £67.2m.
References: EGi News 18/06/03
