Nordic group to make €1.4bn bid for Dalata
The move comes six weeks after an initial offer by Oslo-based investment firm Eiendomsspar and Swedish hotel company Pandox, in which it owns an almost 25 per cent stake, saw their initial €1.3 million bid rejected by the Dublin-listed group.
The planned offer of €6.45-a-share is 40 cents above the initial bid and marks a 35.5 per cent premium to Dalata's stock before the board launched a strategic review in early March. Dalata is run by chief executive Dermot Crowley.
The deal, which would be carried out through a new vehicle called Pandox Ireland Tuck Limited, comprises a portfolio of 56 hotel businesses, including 31 freehold and long leasehold properties, 22 leasehold hotels and three managed hotels in the Republic of Ireland, the UK, Germany and the Netherlands.
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The consortium has signed up Scandic Hotels Group, which is almost 15 per cent owned by Eiendomsspar and runs 264 hotels, mainly on short-term leases, to be the operating partner for the Dalata portfolio following a purchase.
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