Hotel and leisure group De Vere has been given the green light by the Pensions Regulator for its proposed takeover by the Alternative Hotel Group (AHG).
As a result, the De Vere directors will unanimously urge shareholders to accept AHG's third bid of 875p per share at an extraordinary general meeting that will be held on 18 August.
AHG will take over De Vere (which operates 19 De Vere hotels, 155 timeshare lodges and 16 Village hotels and leisure clubs) through a court-approved scheme of arrangement that will also take place on 18 August.
The details of the scheme will be posted to De Vere shareholders by next Monday (24 July).
By Angela Frewin