Anbang Insurance denies bid for InterContinental Hotels
Anbang Insurance Group denied a report that it’s considering a bid for U.K.-based InterContinental Hotels Group, owner of the Holiday Inn and Crowne Plaza brands.
Anbang Insurance Group Co., which tried to buy a U.S. hotel company in March, denied a report that it’s considering a bid for U.K.-based InterContinental Hotels Group Plc, owner of the Holiday Inn and Crowne Plaza brands.
InterContinental, with a market value of 6.27 billion pounds ($8.2 billion), has been the subject of recurring takeover speculation amid consolidation in the lodging industry worldwide.
The U.K.’s Sunday Times reported that Anbang is in the early stages of considering making a 7 billion pound offer for InterContinental, citing people it didn’t identify. InterContinental declined to comment.
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