Thistle hints at white knight to save it from hostile bidder BIL

Thistle Hotels last night raised hopes that a white knight bidder could emerge with a counter bid to the £554.7m offer from Singapore's BIL International.

The hotel group, which has rejected a 115p-a-share cash offer from BIL, said yesterday it had received approaches from a number of parties. The announcement came after BIL said it would seek an extraordinary meeting to oust Thistle's chief executive, Ian Burke.

The Singapore-based group, controlled by the Malaysian tycoon Quek Leng Chan, is Thistle's biggest shareholder with a 45.8 per cent stake. The Singapore government holds another 20 per cent of Thistle.

Mr Burke said yesterday: "We have entered into discussions following approaches from a number of interested parties to determine whether there is a proposal which will generate additional value for our shareholders."

BIL's call for an EGM came as it posted its offer document to Thistle shareholders, triggering the 60-day bid timetable under Takeover Panel rules.

BIL sought to deflect potential white-knight bidders by saying it would not dispose of its stake for at least 12 months. BIL has argued its cash bid is the best way for investors to exit a company battered by the struggling hotels market and a global economic slowdown.

Thistle counters that BIL's bid was pitched well below the value of Thistle's assets, valued in Thistle's books at 210p a share. Thistle shares closed up 0.5p at 116p before the company announced the approaches.