Hotel investors Pandox and Eiendomsspar have teamed up to make a €1.3bn (£1.1bn) takeover proposal for hotel group Dalata, which has rejected the approach.
Dalata put itself up for sale earlier this year. The consortium said in a stock exchange notice that it has not participated in that formal sale process.
The possible cash offer of €6.05 per ordinary share is a premium of 27.1% to Dalata’s closing share price of €4.76 on 5 March 2025, the last trading day prior to the announcement of its strategic review and formal sale process.
“The consortium believes the proposal would deliver tangible and certain value for Dalata shareholders, fully in cash and at a meaningful premium,” the pair said. “As established hotel investors with deep knowledge of the European hospitality sector, and experience from successfully executing similar transactions in the UK and Ireland, the consortium is well-positioned to support Dalata’s business and long-term growth ambitions.”
Dalata said in a separate statement that the approach “materially undervalues the group and its prospects and has therefore unanimously rejected the Pandox possible offer”.
The company added that it is in discussions with several interested buyers for the business as part of the formal sales process.
The Pandox consortium now has until 15 July to make an offer.
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