November 6, 2015 / 1:13 PM / 4 years ago

UPDATE 2-InterContinental Hotels denies exploring sale or merger

(Updates with company denial)

Nov 6 (Reuters) - InterContinental Hotels Group Plc, one of the world’s largest hoteliers, said it was not exploring a sale or merger, following a media report that the company was looking at its strategic options.

“Following recent market speculation, the board of directors of IHG states that it is not considering a potential sale or merger of the company,” IHG said in a statement on Friday.

Bloomberg reported earlier that IHG was in discussions with its financial advisers over whether to put itself up for sale or combine with a competitor as the sector consolidates. (bloom.bg/1Hwu9dG)

London-listed Shares in IHG climbed 5 percent to a four-month high of 2,741 pence, valuing the company at about 6.2 billion pounds. The stock was the top riser on Britain’s FTSE 100 index.

IHG, which runs more than 4,900 hotels under brands such as Crowne Plaza, Holiday Inn and InterContinental, said last month it was confident in its outlook after reporting higher than expected growth in its third quarter.

In July, following speculation in the media the hotelier said it was not deal talks with rival Starwood Hotels & Resorts Worldwide Inc. (Reporting by Aastha Agnihotri, Mansi Goenka and Soumithri Mamidipudi in Bengaluru; editing by Saumyadeb Chakrabarty and David Clarke)

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