InterContinental Hotels Groups (IHG) slumped 5.2% to $17.25 a share in pre-market trading after the billionaire Barclay brothers sold their 10% stake in the company.
Barclays Capital sold 30 million shares in InterContinental on behalf of Ellerman Corp., Bloomberg News reported without naming its sources. Ellerman is controlled by David and Frederick Barclay. The shares were sold for £11.20 each.
InterContinental's stock had risen 26.6% in the year to July 27.
What are stocks? Learn how to start investing.View Course »