The UK Hilton group has announced that it is now wrapping up the sale of its hotels, and will soon concentrate solely on the net gambling site aspect of its multi- national business. It has sold its hotel assets to its American cousin, the Hilton Hotels Corporation.
The Hilton company had annual profits of 400- 405 million British pounds last year, and will sell its non- net gambling assets for an expected 3.3 billion pounds. It expects to return the equivalent of around 240% per share to its public owners, although the board is still in discussions on the precise form the payment will take.
The Hilton group, after it discards everything except its net gambling assets, will change its name to Ladbrokes. It is on the market for a bidder to buy the chain, although it rejected a 3.6 billion pound proposal by the company CVC to purchase the net gambling company. The Hilton group rejected the proposal because it “included a number of pre-conditions and failed to recognise the long-term strategic value of Ladbrokes.”
Analysts say that the Hilton group is very unlikely to accept any offer that is lower than 4 billion pounds.
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