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Action Hotels extends deadline for buyout offer

Dubai-based hotelier Action Hotels PLC extended the deadline for its major shareholder Action Group Holdings (KSCC) to confirm whether it intends to make an offer for the issued and to-be-issued share capital of Action Hotels.

Action Group Holdings' unit Action Real Estate Co. KSCC now has until Aug. 9, rather than July 27, to announce its decision.

Independent directors of the hotel company reached an agreement with Action Group Holdings (KSCC) in June for the terms of a possible cash offer.