Caring had initially offered euro 146 million ($178.7 million) for the course. The Chelsfield board said it would not recommend any other offers unless they were worth 10% more. But minority shareholders in Chelsfield, who between them hold a 40% stake in the company, privately expressed concern that the euro 146-million ($178.7-million) bid for the course was inadequate. The concerns came as other bids were made for Wentworth from Surinder Arora, a hotelier who owns a house overlooking the 18th hole of the course, and Sean Quinn, an Irish billionaire.
Quinlan Private, which this year bought the Savoy Group in a euro 1.1 billion ($1.3 billion), is also a minority shareholder in Wentworth and has exercised a special shareholders right that would allow it to match or trump existing offers--although it is unclear as yet whether they are anxious to make a full-blown bid. Quinlan would not comment on whether or not it would offer a 10% premium to Caring's initial bid, but Caring has won exclusivity to negotiate the deal.
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