|
A consortium formed by Pandox AB and Eiendomsspar AS said on Tuesday it has submitted a proposal to acquire Dalata Hotel Group PLC. Pandox, a Stockholm-based hotel developer and Eiendomsspar, an Oslo-based real estate firm, have proposed an all-cash offer for the Dublin-based hotel operator, which is up for sale. The proposal is for €6.05 per Dalata share, valuing the Irish firm at around €1.3 billion. This represents an estimated premium of 27% to Dalata’s closing price of €4.76 per share on March 5, and 14% to the three-month average price of €5.32 per share. Following Tuesday morning’s announcement, Dalata shares were up 11% at 520.00 pence each in London. Eiendomsspar currently has an 8.8% beneficial interest in Dalata. Should the offer proceed, the Norwegian firm expects to contribute this stake to the consortium. The consortium said it had not engaged in the sale process for Dalata to date, and had submitted the proposal independently. It is currently in talks with an unnamed European hotel operator to set up a framework agreement for Dalata’s operation, should an acquisition be successful. The consortium added it was seeking to engage with Dalata’s board to secure their recommendation for a takeover offer. ‘The consortium believes the Proposal would deliver tangible and certain value for Dalata shareholders, fully in cash and at a meaningful premium. As established hotel investors with deep knowledge of the European hospitality sector, and experience from successfully executing similar transactions in the UK and Ireland, the consortium is well-positioned to support Dalata’s business and long-term growth ambitions.’ Pandox and Eiendomsspar have until July 15 to submit an offer, though the firms noted there is no certainty such an offer will be made. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
