Latest news with #Dalata
Irish Times
2 days ago
- Business
- Irish Times
Zara boss buys Nama's final docklands office block and Dalata says no to €1.3bn offer for hotels
Zara founder Amancio Ortega's investment firm Pontegadea has paid almost €70 million for the last Nama office block in Dublin's docklands – owned in conjunction with Kennedy Wilson – after a decade-long regeneration programme for the area that has delivered 3.8 million sq ft of commercial space and 2,000 homes over 15 sites, writes Joe Brennan. Dalata , the State's largest hotels group, rejected a surprise €1.3 billion cash bid for the group from Swedish peer Pandox, which owns hotels run under the Leonardo brand in Ireland, and a leading shareholder in the Irish company, Oslo-based Eiendomsspar. Joe Brennan reports that Dalata said the offer 'materially undervalues the group and its prospects'. Ireland is the country most exposed to the threat of US tariffs after Mexico and Canada, the OECD said on Tuesday, as it cut forecasts for global economic growth this year. Th US, whose policies are seen as driving much of the uncertainty will be among those worse hit with forecast growth this year now just 1.6 per cent, reports Ian Curran, sharply down on projections just last March. High energy prices and worries over security of supply were costing Ireland Inc foreign direct investment and jobs, IDA Ireland warned in briefing for government, saying the State was losing ground to other EU countries and the United States over the issue. READ MORE Better news for consumers, especially mortgage holders, as the case for another cut in interest rates as the European Central Bank meets this week was strengthened when euro zone inflation eased more than expected, dipping below the ECB's 2 per cent target. Nothing beats a good corporate espionage row and the one raging in the normally staid world of HR software is a humdinger. Deel claims arch-rival Rippling had directed one of its employees to 'pilfer' the company's assets by posing as a customer. The latest claim comes after Rippling alleged earlier this year that a Dublin-based staff member had been spying on behalf of Deel. In his column , John McManus writes that pay levels of chief executives at Irish semistate companies are a soft target in a world where the gap between the pay of bosses and their workers keeps growing wider. Joanne Hunt , meanwhile, looks at the issue of money dysmorphia. If there's a disconnect between how you feel about your financial position and the reality, this may well be you. She goes through the basics you need to bear in mind if you want to have control of your personal finances. Car sales were down again in May but they are still ahead for the year, writes Ian Curran. The same cannot be said for commercial vehicles with buyers reportedly put off by growing economic uncertainty. And while EV sales have rebounded, they're a long way short of allowing the Government to hit climate change targets. Guinness and Three have been named as Ireland's top sponsors as the number of sponsorship deals rose 29 per cent year-on-year in the first quarter, writes Colin Gleeson. Industry consultants Onside, which has compiled the review since 2016, said the GAA had a 'very active first quarter', with horse racing and soccer also among 'very active categories'. In Commercial Property, Fiona Reddan reports that the HSE has bought a prime 16-acre development site in Swords, including the former offices of car hire group Hertz. The price? In excess of €20 million. Finally, does owning a barge restaurant float your boat? If so, La Peniche on Grand Canal in Dublin 4 could be yours for around €350,000. If you'd like to read more about the issues that affect your finances try signing up to On the Money , the weekly newsletter from our personal finance team, which will be issued every Friday to Irish Times subscribers.
New Straits Times
2 days ago
- Business
- New Straits Times
Ireland's Dalata Hotel rejects US$1.5bil buyout proposal from Pandox, Eiendomsspar
KUALA LUMPUR: Ireland's largest hotel group Dalata on Tuesday rejected a 1.3 billion euro (US$1.48 billion) buyout proposal from Scandinavian property companies Pandox AB and Eiendomsspar AS for "materially" undervaluing it. 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.
Business Post
2 days ago
- Business
- Business Post
Victoria's Secret delays earnings report after security incident
Klarna, the fintech known for its 'buy now, pay later' service, is to launch... The Iseq All Share has closed in the green, ending the day up 0.17 per cent since... As investment bankers from Rothschild assess future options for the company behind... Dalata has rejected a joint bid from Sweden's Pandox and Norway's Eiendomsspar,... Victoria's Secret has postponed the release of its latest earnings, after a security... US job openings rose in April, with a slower rate of roles being filled due to economic...
Irish Independent
2 days ago
- Business
- Irish Independent
Dalata rejects takeover bid
The offer of €6.05 per share by Pandox and Eiendomsspar represented a premium of just over 27pc on the €4.76 closing price of March 5, the last trading day before Dalata announced it was launching a strategic review, with one option being a sale. It was a 14pc premium to the three-month average price of €5.32 per share. In an announcement made within hours of the offer being notified, Dalata said it had considered the bid, along with its advisers, and was rejecting it. 'The board announced a strategic review on 6 March to explore options available to optimise capital opportunities for the group and to enhance value for shareholders, including a Formal Sales Process (FSP) pursuant to the Irish takeover rules,' it said in a statement. 'The board continues to engage in constructive discussions with a number of parties who are participating in the FSP and who have submitted initial non-binding proposals to acquire the entire issued and to-be-issued share capital of the group. Pandox is not a participant in the FSP, having declined to enter the process on the terms set out.' Dalata said its board remains committed to the ongoing process, and a further announcement will be made in due course as appropriate. Shareholders were advised to take no action in relation to the Pandox offer. Russ Mould, an analyst with AJ Bell, had pointed out that the consortium's 27.1pc bid premium was below the 36pc average on UK-listed takeovers so far this year. 'That leaves scope for someone else to come along and offer slightly more,' he said. A number of American investment firms have already submitted bids for Dalata, according to reports by Green Street, a property news website. They are said to include Bain, Apollo and Starwood, which already owns 2.7pc of Dalata through an affiliate. The board of Dalata has hired Rothschild, an investment bank, to carry out the strategic review. The company is listed in Dublin and London, and its share price was boosted by the announcement of the bid. It was up over 8pc in London, to £5.10, and by over 5pc on Euronext in Dublin, reaching €6.07 at lunchtime. Eiendomsspar, one of the largest property owners in Norway, with its portfolio including 11 hotels, already has an 8.8pc stake in Dalata. It controls 36pc of the shares in Pandox, a Swedish firm that owns 163 hotels across 11 countries in Europe, with about 36,000 rooms. Based in Stockholm, Pandox develops and then leases hotels to operators under long-term deals. Its hotels in Ireland operate under the Leonardo brand. 'As established hotel investors with deep knowledge of the European hotel sector and experience in successfully executing similar transactions in the UK and Ireland, the consortium is well positioned to support Dalata's business and long-term growth ambitions,' it said in an announcement to the stock exchange. 'The consortium is currently negotiating with a reputable European hotel operator to enter into a framework agreement for the operation of the Dalata hotels if the consortium acquires Dalata. This operator shares the consortium's commitment to long-term profitability and sustainable growth.' Under takeover rules, the consortium has until July 15 to either announce a binding intention to make a bid for Dalata, or to pull out. Dalata, whose chief executive is Dermot Crowley and which was established in 2007, has a portfolio of 55 hotels in Ireland and Britain, both owned and leased, operating under the Maldron and Clayton brands.
Irish Independent
2 days ago
- Business
- Irish Independent
Takeover battle looms at Ireland's largest hotel operator
The offer of €6.05 per share by Pandox and Eiendomsspar represents a premium of just over 27pc on the €4.76 closing price of March 5, the last trading day before Dalata announced it was launching a strategic review, with one option being a sale. It is a 14pc premium to the three-month average price of €5.32 per share. Russ Mould, an analyst with AJ Bell, said: 'The big unknown is whether their proposed bid is enough to seal the deal and whether another party makes a higher offer. The consortium's 27.1pc bid premium is below the 36pc average on UK-listed takeovers so far this year. That leaves scope for someone else to come along and offer slightly more.' A number of American investment firms have already submitted bids for Dalata, according to reports by Green Street, a property news website. They are said to include Bain, Apollo and Starwood, which already owns 2.7pc of Dalata through an affiliate. The board of Dalata has hired Rothschild, an investment bank, to carry out the strategic review. The consortium said it has not participated in that process and formulated its proposal independently. Dalata is listed in Dublin and London, and its share price was boosted by the announcement of the bid. It was up over 8pc in London, to £5.10, and by over 5pc on Euronext in Dublin, reaching €6.07 at lunchtime. Eiendomsspar, one of the largest property owners in Norway, with its portfolio including 11 hotels, already has an 8.8pc stake in Dalata. It controls 36pc of the shares in Pandox, a Swedish firm that owns 163 hotels across 11 countries in Europe, with about 36,000 rooms. Based in Stockholm, Pandox develops and then leases hotels to operators under long-term deals. Its hotels in Ireland operate under the Leonardo brand. 'As established hotel investors with deep knowledge of the European hotel sector and experience in successfully executing similar transactions in the UK and Ireland, the consortium is well positioned to support Dalata's business and long-term growth ambitions,' it said in an announcement to the stock exchange. 'The consortium is currently negotiating with a reputable European hotel operator to enter into a framework agreement for the operation of the Dalata hotels if the consortium acquires Dalata. This operator shares the consortium's commitment to long-term profitability and sustainable growth.' ADVERTISEMENT Learn more Under takeover rules, the consortium has until July 15 to either announce a binding intention to make a bid for Dalata, or to pull out. Dalata, whose chief executive is Dermot Crowley and which was established in 2007, has a portfolio of 55 hotels in Ireland and Britain, both owned and leased, operating under the Maldron and Clayton brands. Its portfolio has grown by a third over the last four years, and it has declared an aim of having 21,000 rooms by 2030. In April, the company said it had done a deal with a Spanish real estate firm to lease to develop a Clayton hotel in Madrid. The share price was bumping along around the €4 mark for much of last year, leading its board to conclude that this did not reflect the asset base, performance, cash generation and growth prospects of the business. After the announcement of the strategic review, analysts at Jeffries said the external valuation on the estate of hotels was €1.64bn but adding in earnings from its leased estate, and its pipeline, the value could jump to 'at least €2bn'. Apart from Eiendomsppar, other prominent shareholders in Dalata include the Saudi conglomerate Zahid Group and the British hedge fund Helikon Investments, which has a stake of over 17pc. Barry English, founder of Winthrop Technologies, has built up a share of over 1pc in Dalata, but this is thought to be a value play rather than a signal of interest in purchasing, although he already owns Mount Juliet, the Johnstown Estate Hotel and Trim Castle Hotel.
