Red Sea hotels expected to buy out Gresham

From: Jerusalem Post | Date: April 19, 2002| Author: | Copyright information

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Headline: Red Sea hotels expected to buy out Gresham Byline: ZEV STUB Edition; Daily Section: Economics Page: 10

Friday, April 19, 2002 -- Irish hotelier Gresham Hotels Plc challenged Herzliya Pituah-based Red Sea Hotels Ltd. to make an offer for Gresham, saying Red Sea is seeking to win control without acquiring a majority stake.

Red Sea bought 5.4 million shares of Gresham for 5.6 million euros in early April, making it Gresham's majority shareholder and boosting its stake to 28 percent. Under Irish law, Red Sea would have to make a bid on the company if it raises its ...

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