IHG has reportedly rejected a US$10 billion takeover bid, according to several news sources in the UK. Among the rumored bidders are Starwood Hotels & Resorts and an investment fund such as Starwood Capital.
Sources told the news agencies that IHG’s board met last week to consider the offer but rejected it as being too low.
American companies are thought to have a growing interest in acquiring British businesses, which would enable them to switch their tax homes to the UK, a process known as a tax inversion, to cut their tax bills.
IHG did not comment on the reports.