Property investor Richard Balfour-Lynn's Alternative Hotel Group has successfully won the battle for hotel operator De Vere Group, with its latest £767.4m (€1.1bn) bid proving too much for private equity firm Permira, which has dropped its plans for a counter offer.

Permira has now missed out on the last three public companies it has targeted, having walked away from UK retailer WH Smith in 2004, and music retailer HMV in March this year after the company rejected two of its bids.