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InterContinental Shares Rise on Bid Talk

Shares in InterContinental Hotels climb 2% to a record high and tops the FTSE 100 leaderboard for a second session in a row, as traders cite continued talk of a private equity bid.

"I know there was stake building rumors," one trader said. "There is no smoke without fire, there is obviously something going on."

In a regulatory announcement on Monday, InterContinental said Ellerman Corporation had built a 5% holding in the company.

On Friday, the stock rose amid continued speculation linking Starwood Hotels & Resorts Worldwide or a private equity firm with a bid.

Shares in InterContinental Hotels Group were 2% higher at 1,338.15 pence.

InterContinental Hotels Group declined to comment.