The Takeover Panel has given a consortium led by Deloitte corporate finance an ultimatum to make an offer for hotel group Gresham by Friday.
Gresham received an approach from the consortium in November regarding a bid for the company.
These discussions resulted in an offer being tabled for the company at a level of euro1.35 per share on condition of receiving at least 80 per cent acceptances from the hotel group's shareholders. However this offer was rejected by the Gresham's largest shareholder, Red Sea which owns in excess of 20 per cent of the group.
The board of Gresham had requested the Consortium to remove the 80 per cent precondition, or failing this, to either increase their offer or withdraw their approach.
If the consortium fails to make a fresh offer by the Friday deadline it may risk being prevented from making an offer for the company for twelve months.