UK's Vector Hospitality has called off its proposed £1.8 bn (EUR 2.65 bn) flotation, citing weak investor demand. Vector said late Wednesday that 'as a result of market conditions, its offer of ordinary shares has been postponed.' The company did not give an indication of when IPO will go ahead.
UK's Vector Hospitality has called off its proposed £1.8 bn (EUR 2.65 bn) flotation, citing weak investor demand. Vector said late Wednesday that 'as a result of market conditions, its offer of ordinary shares has been postponed.' The company did not give an indication of when IPO will go ahead.
The deal had been shunned by some of the UK's largest investors, including insurance company Standard Life. Vector, which planned to hold a £2.6bn portfolio of hotels, had slashed its price range by almost 20%.
The scrapping of the IPO means that MWB Group will now not sell the Malmaison and Hotel du Vin property portfolio to Vector Hospitality, as the deal was conditional on the completion of Vector's flotation.
