Marcato Capital pitches merger strategy to IHG shareholders

• Marcato Capital issues an open letter to shareholders of InterContinental Hotels Group (NYSE:IHG +2.6%).
• The investment firm says a detailed analysis by Houlihan Lokey indicated an equity combination with another hotel operator would give shareholders a 100% premium over IHG's current trading price.
• A full review of strategic options is deemed by Marcato to be the best course of action for IHG.