2013年3月17日星期日

Osmond prepares final Six Continents plea


Hugh Osmond, the corporate raider stalking Six Continents with a £5.6bn hostile bid, is expected to issue a final attack this morning on the company's management in front of a packed meeting of shareholders gathered to decide the fate of the hotels and pubs group.
Shareholders must decide if Six Continents is to be split into two companies: InterContinental Hotels Group and pubs firm Mitchells & Butler. If more than 75% of shares are behind the demerger plans, Mr Osmond will withdraw his offer. He wants shareholders to back an adjournment.
This morning's meeting in central London will be the first time Six Continents chairman Sir Ian Prosser has spoken publicly since the company found itself besieged by Mr Osmond and his team. This week private equity group CVC Capital Partners confirmed it was marshalling a consortium to consider a rival bid for the company before it is split.
Sir Ian - until lately, at least, the driving force behind the company - has gone to ground in recent weeks amid calls for his head from some disenchanted shareholders.
He has been blamed for a string of deals - described by fund manager Hermes as "value destroying" - which transformed the Bass brewing empire into the hotels, restaurants, pubs and soft drinks business Six Continents.
Shareholder wrath is unlikely to be mollified if Sir Ian, who plans to become chairman of the demerged hotels business, is forced out before his retirement, scheduled for the end of this year.
He will take with him a pen sion package worth more than £10m.
Asked if he would speak at the meeting, Mr Osmond said last night : "If I am given the chance, yes. I have prepared a few syllables. I won't be singling Sir Ian out. I think Richard North [finance director] and Tim Clarke [chief executive] have to carry the can as well."