Six Continents Turns Fire Against Stalker
Six Continents, the pubs and hotels group being stalked by Hugh Osmond, yesterday went on the offensive by accusing the entrepreneur of trying to seize it “on the cheap”.
The group, which is pursuing its own demerger plan, said it feared that Mr Osmond’s scheme meant “significant value leakage away from Six Continents shareholders”. It added: “The hotel industry is at a cyclical low point. With the threat of conflict in the Middle East, this is not the time to make wholesale disposals of hotel assets.”
Tim Clarke, chief executive, said his group’s proposed demerger of its pub and hotel divisions, would let the market “place unambiguous valuations” on the two businesses. In response to the statement by Six Continents (6C), Mr Osmond said: “The notion that the market can’t value these businesses until after a demerger is simply absurd.”