Bulgarian developer and hotel operator Orchid Developments Group has been approached about a possible takeover.
The firm said today that it had received a preliminary approach from a a third party, which could lead to an offer being made for the company.
Orchid, which is incorporated in the Cayman Islands, is not subject to the city code on takeovers and mergers.
The company said: “Therefore, there will be no automatic 28 day “put up or shut up” as would be the case were the company subject to the code.”
joanna.bourke@estatesgazette.com
