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Orb backs out of the possible Thistle bid

By NZPA

Friday 10th January 2003

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Investment group Orb Estates said on Thursday it would not proceed with an offer for London's largest hotelier, Thistle Hotels Plc, after Britain's Takeover Panel asked it to either decide on its plans by January 15.

"However, Orb reserves the right to make an offer for Thistle at any time in the event that the board of Thistle agrees to recommend the making of an offer by Orb or a third party announces a firm intention to make an offer for Thistle," the group said.

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