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Meliá launches, withdraws takeover offer for Elegant Hotels

Confirming recent press reports, Barbados-based and London-listed Elegant Hotels Group Plc said it did receive a takeover bid from Meliá Hotels International SA or one of its affiliates, but noted that as of Dec. 4, all discussions have been terminated.

Elegant Hotels noted that Meliá is no longer planning to launch an offer for the entire issued and to-be-issued ordinary share capital of the company.

The (U.K.) Times reported Dec. 2 that the Spanish hotel company was in early stages of talks to buy Elegant Hotels for about 110 pence per share, valuing the group at roughly £98 million.

Elegant Hotels owns and operates seven luxury hotels and a beachfront restaurant on the island of Barbados. Its portfolio consists of 588 rooms.