Ireland's Dalata Hotel rejects US$1.5bil buyout proposal from Pandox, Eiendomsspar
Dalata, which launched a strategic review in March, said Pandox was not participating in its ongoing sale process, which has drawn interest from other potential bidders.
The Irish group operates 55 hotels under the Maldron Hotel and Clayton Hotel brands, mostly in Ireland and Britain, and aims to expand its portfolio to 21,000 rooms across Ireland, the UK and continental Europe under its "2030 Vision" strategy.
The proposal from the groups had comprised a cash offer of 6.05 euros per ordinary share of Dalata, representing a premium of about 5 per cent to Dalata's closing price on Monday.
Shares of Dalata closed up 5.2 per cent at 6.06 euros on Tuesday, their highest since May 2019.
It said it continues to engage in "constructive discussions" with other parties who have submitted initial non-binding proposals, without naming who they were.
The Pandox-led consortium did not immediately respond to a request for comment on the rebuff by Dalata.
Under Irish takeover rules, Pandox and Eiendomsspar had until July 15 to make a formal offer for Dalata or walk away.
Norway-based Eiendomsspar is the second largest shareholder in the Irish group with a stake of around 8.8 per cent and in Pandox, in which it has a stake of around 8.5 per cent.
Sweden-based Pandox AB specialises in the ownership, development and leasing of large hotel assets in major cities across Sweden and northern Europe.
It has been expanding its portfolio through acquisitions and leases in key European cities including Stockholm, Berlin and Brussels.
Dalata's adjusted core profit rose 5.1 per cent last year to 234.5 million euros as revenue grew 7.3 per cent to 652.2 million euros, driven by additions to its portfolio over the past two years.
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