Monday, July 17, 2006


AHG Gets Clearance For De Vere Timeshare Takeover

Hotel and leisure group De Vere has been given the green light by the Pensions Regulator for its proposed takeover by the Alternative Hotel Group (AHG).

As a result, the De Vere directors will unanimously urge shareholders to accept AHG’s third bid of 875p per share at an extraordinary general meeting to be held shortly.

AHG will take over De Vere (which operates 19 De Vere hotels, 155 timeshare lodges and 16 Village hotels and leisure clubs) through a court-approved scheme of arrangement.

The dates of the court meeting and the shareholders’ meeting will be outlined in the details of the scheme that will be posted to De Vere shareholders by next Monday (24 July).

AHG, which also owns Verve Venues (formerly Initial Style Conferences), was set up by the directors of Marylebone Warwick Balfour, owner of the Malmaison and Hotel du Vin boutique hotel brands.

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