Consortium makes €1.3bn bid for Ireland's largest hotel group Dalata
A consortium consisting of property owners Pandox AB and Eiendomsspar AS have proposed to buy Ireland's largest hotel group Dalata for €1.3 billion.
The proposal comprises a cash offer of €6.05 per ordinary share of Dalata, representing a premium of about 5 per cent to the firm's closing price on Monday.
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Eiendomsspar currently holds about 8.8 per cent of Dalata's issued ordinary shares, making it the second largest shareholder in the Irish hotel group.
The offer comes after 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 and Clayton brands, with most located in Ireland and the United Kingdom.
The consortium has until July 15th to make a formal offer for Dalata or walk away, under British takeover rules.
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