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MWB in $2B Takeover of De Vere Hotels

LONDON-Property group Marylebone Warwick Balfour buys De Vere Hotels for euro 1.59 billion. The group has 18 four- and five-star hotels.

By Anita Howarth | Updated on June 26, 2006

LONDON-Hotel and leisure group De Vere has agreed a euro 1.59-billion ($2 billion) takeover by Marylebone Warwick Balfour. A rival approach from the private equity group Permira was rejected by De Vere board because it was too conditional.

AHG Venice, created by Richard Balfour-Lynn and other directors of the listed group MWB, is offering 825p a share for De Vere, valuing the equity at euro 1 billion ($1.32 billion). With debt and pension liabilities, the total value of the deal tops euro 1.59 billion ($2 billion).

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