Pandox consortium's €6.05 per share bid for Dalata rejected: strategic review continues
Dalata Hotel Group has firmly rejected a non-binding cash offer of €6.05 per share from the Pandox AB and Eiendomsspar AS consortium, deeming it to "materially undervalue" the company. The board, led by CEO Dermot Crowley, remains committed to its ongoing strategic review and formal sales process (FSP), engaging with multiple parties who have submitted initial non-binding proposals to acquire the entire issued and to be issued share capital of the Group.
The Pandox Consortium, comprising Swedish hotel property company Pandox AB and Norwegian real estate investor Eiendomsspar, has indicated negotiations with a "reputable European hotels' operator" to conclude a framework agreement for the operation of Dalata hotels, should the consortium acquire Dalata. However, the Dalata board confirmed that Pandox is not participating in the FSP, having declined to enter the process on the terms set out in the Group's announcement dated 6 March 2025.
In accordance with Rule 2.6 of the Irish Takeover Rules, the Pandox Consortium is required to either announce a firm intention to make an offer for Dalata or announce that it does not intend to make an offer by 5:00pm (Irish time) on 15 July 2025. This deadline may only be extended with the consent of the Irish Takeover Panel.
Dalata's portfolio includes 53 hotels across Ireland, the UK, Germany, and the Netherlands, with over 11,000 rooms. The group is targeting a portfolio of 21,000 rooms by 2030, focusing on key UK cities, Dublin, and continental Europe. The board continues to engage in constructive discussions with parties participating in the FSP and will make further announcements as appropriate.
Investors and developers should note that the outcome of the FSP remains uncertain, and there can be no assurance that any offers will be made or that any sale or other transaction will be concluded.
Companies:
-
Dalata Hotel Group plc – Hotel operator and owner
-
Pandox AB – Hotel property company
-
Eiendomsspar AS – Real estate investor
Get the latest real estate news and investment insights from Europe Real Estate - your trusted source since 1999. To receive daily or weekly updates. Sign up here!
