Dalata Hotel Group has refused a €1.3bn takeover proposal from Pandox and Eiendomsspar, citing a material undervaluation of the group and its future.
The group operates 55 hotels predominantly under the Maldron and Clayton brands across Ireland England and Scotland, with further expansion plans in Berlin and Madrid.
Its ‘2030 Vision’ strategy aims to expand its portfolio to 21,000 rooms across Ireland, England and Continental Europe.”
Dalata initiated a strategic review process in March, focusing on options to enhance shareholder value, engaging with several parties for potential acquisition.
Pandox is not involved in the formal sales process as it opted out based on the outlined terms from Dalata’s announcement on March 6.
Dalata’s adjusted core profit for the previous year reached €234.5m, supported by a 7.3pc revenue increase, with aspirations to grow its portfolio significantly by 2030.
Dalata shared: “the consortium’s offer ‘materially undervalues the group and its prospects.’ We advise shareholders to take no action in relation to the Pandox possible offer. Pandox and Eiendomsspar have until July 15 to make a formal offer for Dalata or walk away.”
