The activist investor stalking InterContinental Hotels Group is pressing its board to consider ditching its listing on the London Stock Exchange and switching it to New York.
I understand that Trian Fund Management, which is headed by Nelson Peltz, one of Wall Street's most notorious figures, has told InterContinental's board that it should examine the move as a way to eliminate the discount between its valuation and that of US rivals such as Marriott and Hilton.
City bankers who advise big leisure industry companies say there is no guarantee that switching InterContinental's listing to the US would achieve that objective.
Analysts have speculated that Trian also wants InterContinental, which has been run by Richard Solomons for the past year, to spin off its Holiday Inn business and list that in New York, although people close to the situation say that is not an idea proposed by Mr Peltz.
Trian, which indirectly helped to trigger the takeover of Cadbury, the confectionery group when it pushed for a sale of its soft drinks arm, appeared on InterContinental's share register in June.
News of Trian's desire to see InterContinental consider radical options comes a day after the British company was alleged by the Office of Fair Trading to have breached competition law by colluding with online travel agents to fix room prices.
InterContinental, which reports half-year results next week, declined to comment on discussions with Trian.