[ad_1]
PHOTO FILE: A bed is seen in a Premier Inn hotel in Liverpool, UK on April 12, 2018. REUTERS / Darren Staples / File Photo
(Reuters) – Elliott Advisors is increasingly frustrated by Whitbread Plc's strategy of owning Premier Inn hotels and wants the company to delegate part of its property portfolio of £ 5.8 billion ($ 7.64 billion) dollars), reported Sunday Telegraph.
According to the report released Saturday, the activist investor thinks that Whitbread's strategy "depresses" the company's stock price and leaves the door open for a hostile takeover at a broken price.
Citing city sources, the newspaper said Elliott wanted Whitbread to sell 10 to 15 percent of its portfolio of hotels and "continue to be open to the rest."
The shareholder also wants Whitbread to strengthen its board with directors with hospitality experience, the Telegraph reported on Sunday, adding that the company was looking for board members with management experience. hotels in Continental Europe.
Last August, Whitbread agreed to sell its 5,000 Costa coffees to Coca-Cola Co for $ 5.1 billion, under pressure from hedge funds, including activist investor Elliott, who explained that the chain of coffee had been retained by its reunion with the Premier Inn hotel chain.
The Whitbread and Elliott consultants did not immediately respond to requests for comment on the report.
($ 1 = 0.7589 pounds)
Philip George's report to Bengaluru; Edited by Daniel Wallis
Source link
