CMI, the holding of British millionaire Hugh Osmond, has launched a hostile take-over bid for the SIX CONTINENTS hotel group for a total of £ 7 bn. CMI is offering 36 of its shares for every SIX CONTINENTS share, which corresponds to 648 pence per share. Shareowners could opt for a combined deal of shares and cash worth 27 CMI shares and 157 pence, which subsequently values each share at 643 pence. SIX CONTINENTS has rejected the offer, which it regards as too low.