Nordic group to buy Dalata for €1.4bn
This is a 35.5pc premium to where the Dalata price stood before the hotel operator launched a strategic review and formal sale process on March 5. It was then €4.76.
The improved bid is a 49.7pc premium to the 12-month volume-weighted average Dalata share price, and represents an acquisition equity value of €1.4bn.
The earlier offer had valued the company at €1.3bn, but was rejected by the board on the basis that it materially undervalued the group.
The acquisition must now be approved by Dalata shareholders. In a statement, Dalata pointed out that the equity value of the offer represents the highest market capitalisation for the company since its flotation in 2014. It also pointed out that the price is higher than anything offered during the formal sales process, which involved two rounds of bidding from both trade and financial buyers.
'The offer represents compelling value for shareholders following the persistent under valuation of Dalata over the previous years,' the company said. 'The offer provides investors with certainty of value, enabling them to realise the value of their investment in cash.'
Eiendomsspar, one of the largest property owners in Norway, with its portfolio including 11 hotels, already had an 8.8pc stake in Dalata at the time of its first bid. It controls 36pc of the shares in Pandox, a Swedish firm that owns 163 hotels across 11 countries in Europe, with about 36,000 rooms.
Based in Stockholm, Pandox develops and then leases hotels to operators under long-term deals. Its hotels in Ireland operate under the Leonardo brand.
Liia Nõu, the chief executive of Pandox, said: 'Dalata's portfolio consists of well-established and highly profitable four-star hotels in strong locations, which will further expand Pandox's footprint in several large, dynamic and growing hotel markets in Northern Europe. The hotel properties are of high technical standard and will contribute positively to the overall quality of Pandox's hotel property portfolio.'
The offer will be made through a newly incorporated company, Pandox Ireland Tuck Limited.
The acquisition is being financed from a combination of existing cash resources available to the two companies, and a loan facility provided to Pandox by its existing lender DNB Bank.
Established in 2007, Dalata has expanded into a leading four-star hotel platform in Ireland and the UK and now has 56 properties, plus 22 leased hotels.
Dermot Crowley, the company's chief executive, said: 'This represents an exciting new chapter for Dalata in which we will become part of a larger hotel platform and will further accelerate our growth. 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, the chair of Dalata, said: 'Following a thorough and rigorous strategic review, incorporating a formal sales process, the board has determined unanimously that this transaction delivers compelling value and represents the best available strategic option for our shareholders.
"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.'
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