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Dalata Hotel Group has declined a €1.3bn (£1.09bn) takeover offer from the Pandox Consortium, which is made up of Swedish hotel property group Pandox and Norwegian property management company Eiendomsspar.
The Pandox Consortium offered Dalata shareholders €6.05 (£5.09) per ordinary share in cash, a premium of approximately 5% over Monday’s (2 June) closing share price.
Having considered the possible offer, Dalata and its advisers concluded that the Pandox Consortium’s offer “materially undervalues the group and its prospects” in the context of its ongoing formal sales process.
The Irish hotel chain first announced a strategic review early in March to explore options available to optimise capital opportunities and to enhance value for shareholders. This included a formal sales process pursuant to the Irish Takeover Rules.
Following the rejection of the Pandox Consortium offer, Dalata’s board has confirmed that it continues to “engage in constructive discussions with a number of parties who have submitted initial non-binding proposals to acquire the entire share capital of the group”.
Pandox has chosen not to participate in the formal sales process. This decision follows its rejection of the process terms outlined in Dalata’s announcement in March.
Dalata Hotel Group has declined a €1.3bn (£1.09bn) takeover offer from the Pandox Consortium, which is made up of Swedish hotel property group Pandox and Norwegian property management company Eiendomsspar.
The Pandox Consortium offered Dalata shareholders €6.05 (£5.09) per ordinary share in cash, a premium of approximately 5% over Monday’s (2 June) closing share price.
Having considered the possible offer, Dalata and its advisers concluded that the Pandox Consortium’s offer “materially undervalues the group and its prospects” in the context of its ongoing formal sales process.
The Irish hotel chain first announced a strategic review early in March to explore options available to optimise capital opportunities and to enhance value for shareholders. This included a formal sales process pursuant to the Irish Takeover Rules.
Following the rejection of the Pandox Consortium offer, Dalata’s board has confirmed that it continues to “engage in constructive discussions with a number of parties who have submitted initial non-binding proposals to acquire the entire share capital of the group”.
Pandox has chosen not to participate in the formal sales process. This decision follows its rejection of the process terms outlined in Dalata’s announcement in March.
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It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout. The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using ‘Content here, content here’, making it look like readable English. Many desktop publishing packages and web page editors now use Lorem Ipsum as their default model text, and a search for ‘lorem ipsum’ will uncover many web sites still in their infancy.
The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using ‘Content here, content here’, making
The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using ‘Content here, content here’, making it look like readable English. Many desktop publishing packages and web page editors now use Lorem Ipsum as their default model text, and a search for ‘lorem ipsum’ will uncover many web sites still in their infancy.
It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout. The point of using Lorem Ipsum is that it has a more-or-less normal distribution
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