During an eventful meeting, shareholders first voted down a call from predator Hugh Osmond to postpone the AGM and then backed management's plan to separate the InterContinental and Holiday Inn hotels from its restaurant and bar interests. Although the full outcome of the vote is unlikely to be known for another 48 hours, there were strong indications at today's meeting that management had secured enough backing for its proposals.

Osmond made a £4.2 billion ($6.8 billion) bid for Six Continents, with the intention of getting control of the group's All Bar One and O'Neills bars. The offer, through shell company Capital Management and Investment (CMI), comprised 36 shares for each Six Continents share. But a recent fall in CMI stock undermined the bid and it fell from an initial value of £5.6 billion ($9 billion) to £4.2 billion ($6.8 billion).

Hours before the crucial meeting, Six Continents announced it had put in place a panel of independent directors to study "offers and proposals" for the embattled pubs and hotels group. The announcement was intended to address criticism that management had been unwilling to consider bids for its businesses.

Management's successful defence today paves the way for other bidders to come forward particularly if Six Continents decides to auction the two newly-created businesses. Private equity firms are expected to link up with hotel groups like the Blackstone Group, owner of London's up-market Savoy hotel to make an offer. Other potential bidders include Texas Pacific Group and Marriott International and Starwood Hotels & Resorts Worldwide Inc.