InterContinental Hotels Group PLC was the target of a takeover bid launched by an unnamed hospitality group in the US, but it reportedly turned down a $10 billion offer after talks broke down InterContinental Hotels Group PLC (IHG) has reportedly held secret discussions in the last few weeks with an unnamed US hospitality group regarding a takeover bid worth £6bn ($10.1 billion). Sources reveal that the British operator of hotel chains – including Holiday Inn and Crowne Plaza – had considered the bid made by an American counterpart, but eventually snubbed the offer for being too low. Although the identity of the mystery bidder is still unknown, speculation is rife that it might be Starwood Hotels & Resort Worldwide Inc. (HOT), the operator of the Sheraton and Westin hotel chains. Starwood Hotels, valued at around $15 billion, has previously shown interest in expanding its global brand presence through acquisitions. Starwood Capital, an investment firm that owns and manages a wide range of hotel properties, could be another potential suitor. Although no deal was agreed upon, sources say that InterContinental is preparing for a new and higher offer, and has not ruled out the chance that another American chain could also come in with a fresh acquisition bid.
