Activist investor Marcato Capital Management has hired an investment bank to advise it on strategy at InterContinental Hotels Group Plc (IHG), three months after reports the firm had rebuffed a 6 billion pounds ($10 billion) takeover bid.Marcato, which said it owns a stake of around 4 percent in IHG, said it had hired Houlihan Lokey to help review various alternatives, including improving the hotels group's capital structure and/or capital allocation and strategic transactions."Marcato believes current, favourable market conditions ... exist to significantly enhance IHG shareholder value, which may not be available in the future," the firm said. It gave no further detail on what the alternatives might consist of.IHG had been urged by Marcato in May to consider a tie-up with a rival that would reshape the hospitality industry, after British media reports said the company had rebuffed a 6 billion pound U.S. takeover offer from an unnamed suitor.
InterContinental Hotels Group PLC (IHG) is a global hotel company, operating nine brands internationally. Shares of IHG fell by 1.81% or $-0.73/share to $39.66. In the past year, the shares have traded as low as $29.59 and as high as $45.18. On average, 260617 shares of IHG exchange hands on a given day and today's volume is recorded at 371708.
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