Pandox consortium proposes to buy Ireland's Dalata Hotel group for €1.3bn
A consortium consisting of property owners Pandox and Eiendomsspar have proposed to buy Ireland's largest hotel group Dalata for €1.3bn.
The proposal comprises a cash offer of 6.05 euros per ordinary share of Dalata, representing a premium of about 5% to the firm's closing price on Monday.
Eiendomsspar currently holds about 8.8% of Dalata's issued ordinary shares, making it the second largest shareholder in the hotel group, which operates the Clayton and Maldron brands.
The offer comes after Ireland's largest hotel group, Dalata, launched a strategic review in March to explore options for enhancing shareholder value, including a potential sale.
Dalata operates 55 hotels under the Maldron Hotel and Clayton Hotel brands, with most located in Ireland and the United Kingdom.
The consortium has until July 15 to make a formal offer for Dalata or walk away, under British takeover rules.
Reuters
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