Scandinavian developers Pandox AB and Eiendomsspar AS have jointly made a bid to acquire Ireland's largest hotel group Dalata for €1.3 billion.
Dalata operates 55 hotels under the Maldron and Clayton brands, primarily in Ireland and the UK, with plans to open new properties in Europe, including Berlin and Madrid.
In March, the company initiated a strategic review to consider options to enhance shareholder value, including a potential sale.
Their offer includes a cash offer of 6.05 euros per Dalata share, representing a premium of about 5 percent to the company's closing share price on Monday.
Norwegian company Eiendomsspar is the group's second largest shareholder with a stake of approximately 8.8%, while Pandox holds about 8.5% of the shares.
Under Irish takeover rules, Pandox and Eiendomsspar have until July 15 to make a formal offer for Dalata or abandon their bid.
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Swedish company Pandox AB focuses on the ownership, development and leasing of large hotel assets in major cities in Sweden and Northern Europe.
The company is expanding its portfolio through acquisitions and leasing in key European metropolitan areas such as Stockholm, Berlin and Brussels.
Dalata's operating profit, adjusted for key metrics, increased 5.1% last year to €234.5 million, while revenue rose 7.3% to €652.2 million, driven by portfolio expansion over the past two years.
At Capital Markets Day last year, Dalata unveiled its Vision 2030 strategy, which aims to grow its portfolio to 21,000 rooms across Ireland, the UK and mainland Europe.
Sourse: breakingnews.ie
