爱华网
By Jeff Weinstein on 12/19/2014
InterContinental Hotels Group is again in the headlines as atakeover target with The Guardian in London reporting that analystBerenberg suggests a £7 billion (US$11 billion) offer could beenough to secure board agreement.
Berenberg, which has issued a buy note with a £27.50 (US$42.93)price target, says the company could merge with or take over HyattHotels Corp., but is more likely to be pursued with Starwood orHilton the most obvious acquirers.
IHG has been selling its large trophy hotels, including the ParisLe-Grand, and recently announced the purchase of Kimpton hotels,but Berenberg suggests it will take a larger deal for IHG tomaintain its independence.
In its analysis of IHG, Berenberg concluded:“If the company is tobe prey and the transaction is to involve the iss ue of equity toIHG shareholders, we believe that a link with Starwood or Hiltonwould make the most sense. This reflects the fact that there is thepotential for a re-rating upwards of
shares received by IHG shareholders given the difference betweenthe implied adjusted EV/EBITDA between IHG and S tarwood andHilton. We would expect that an offer of between £29 and £30 pershare would secure IHG, which implies that IHG shareholders wouldreceive 70% of the synergies from a tie-up with one of the biggesthree players.”
