19th Oct 2026 09:18
Whitbread PLC - Dunstable, England-based operator of Premier Inn and other hospitality chains - Board repeats its recommendation for shareholders to reject the resolution proposed by shareholder Corvex Management LP at the general meeting Whitbread has called by November 9. Corvex, a 6.4% shareholder, back in September requisitioned the meeting to elect a Corvex partner, James Gemmel, to the Whitbread board. At the time, Corvex said Whitbread shares have underperformed peers and the wider market over multiple time horizons. The activist investor claimed that Whitbread's recent strategy review "failed to address Whitbread’s underlying challenges and was poorly received by the market".
Whitbread on Monday says Corvex "has not articulated a superior alternative" to the five-year plan that its board has put in place. "Adding Corvex's proposed additional director would only serve to add a board member with no clear plan of action, risk reopening and repeating work already comprehensively completed, and create significant distraction during a critical delivery – putting shareholder value at risk," Whitbread asserts.
Current stock price: 2,575.00 pence, down 1.4% in London on Monday
12-month change: down 13%
By Tom Waite, Alliance News editor
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