Norwegian investor and Swedish hotel group bid €1.3bn for Dalata
Dalata
has received a €1.3 billion takeover bid from Norwegian shareholder Eiendomsspar along with a hotel-owning associate of the firm, called Pandox.
Eiendomsspar owns a 25 per cent stake in Sweden-based Pandox, whose portfolio includes the Leonardo hotels at Christ Church in Dublin, Cork, Galway and Belfast.
The €6.05-a-share cash offer, which is non-binding, represents a 27.1 per cent premium to Dalata's closing price on March 5th. That was the last trading day prior to the announcement by Dalata of the commencement of a strategic review and formal sale process.
The bid has come as a surprise as the Eiendomsspar-Pandox consortium had not been involved in a formal process that has been going on in recent months. Investment bank Rothschild has been leading that process.
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Norwegian hotels investor builds 5.45% stake in Dalata
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'The consortium has not participated in that process to date and has formulated and submitted the proposal independently, reflecting its interest in Dalata and its belief in the strong strategic and financial merits of a combination,' the consortium said in a statement.
Eiendomsspar, which first emerged with a disclosable stake above 3 per cent in Dalata at the end of October. Its holding currently stands at 8.8 per cent.
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