Dalata Agrees ⁤€1.3 Billion⁣ Takeover Deal with pandox and Eiendomsspar

Dublin-headquartered hotel group Dalata ⁢has accepted a⁤ revised takeover offer valuing the company at €1.3 billion from swedish property company Pandox and Norwegian investor ⁣Eiendomsspar.

the deal, ⁢which has the unanimous backing of the Dalata board, concludes a strategic review initiated in March aimed at boosting shareholder returns. The initial proposal from Pandox and Eiendomsspar, made ⁤in early June, was rejected by Dalata as it was deemed to undervalue the ⁤group.

the latest offer of €6.45 per share represents a significant premium for Dalata shareholders.It is ‍35.5% ‍higher than the share price before the strategic review and formal sale process began in march,and a 49.7% premium compared to the 12-month volume-weighted average share price.Dalata, which operates 55 hotels under⁣ the Maldron hotel and Clayton Hotel brands, ⁤primarily in Ireland and the UK, has ambitious expansion plans. The ⁢company intends to open new hotels across Europe, with planned locations including Berlin and Madrid.

the board of Dalata stated that the acquisition is in⁣ the best interests of ⁢its shareholders and offers the moast effective way to enhance value, considering the other strategic options evaluated during the review.

Under the ⁢terms of the agreement, Dalata will maintain its staff, management team, and its Dublin headquarters. The company will continue its expansion as an international hotel group.

Dermot Crowley, CEO of Dalata, expressed enthusiasm for the deal, describing it as an “exciting new chapter” that will see Dalata become part of a larger hotel platform, further accelerating its growth. “Our focus remains firmly on our people and our customers,” ⁢Crowley stated. “I’m proud to continue to lead our team in close partnership with our new owners.Together, we will unlock new opportunities for the Clayton⁣ and Maldron brands‍ as we continue to expand as a leading international hotel company.”

john‍ Hennessy, Chair of Dalata, confirmed that the boardS unanimous decision followed a “thorough and rigorous strategic review, incorporating a formal sales process.” He added, “We believe that it is the right‍ path forward for all stakeholders, and that it positions the business strongly for its next phase of growth under new ownership.” Hennessy ⁤also extended gratitude to the Dalata team, ⁣acknowledging their contributions to the company’s success.

Pandox, the Swedish-based acquirer, specialises in the ownership, ⁤progress, and leasing of large hotel assets in major cities across Sweden and Northern Europe.The company has been actively expanding its portfolio through acquisitions and leases in key European cities, including Stockholm, Berlin, and Brussels. Pandox currently owns 163 hotel properties,⁢ comprising approximately 36,000 rooms across 11‍ countries ⁢in Northern Europe.

eiendomsspar, a significant real estate owner in Norway, holds a significant⁤ stake in Pandox, controlling about 36% of its ⁣voting shares. eiendomsspar owns 11 hotels in Norway, with two more currently under⁤ construction.Dalata shares experienced a decline in Dublin trade following the announcement.