20th Jun 2025 15:55
(Alliance News) - Dalata Hotel Group PLC's suitor Pandox AB purchased a EUR10.7 million stake in the company, upping the ante in its pursuit of Dublin-based operator of the Maldron and Clayton hotel chains.
Hotel developer Pandox, part of a pair that has sized up Dalata, purchased 1.7 million shares at EUR6.30 each, EUR10.7 million in total. The shares represent roughly a 0.8% stake in Dalata.
Dalata Hotel shares rose 5.7% to 550.00 pence, around EUR6.44 currently, each in London on Friday afternoon, giving it a market capitalisation of EUR1.39 billion.
The move means that any takeover bid involving Pandox would have price shares in the London listing at EUR6.30 each at least, according to Irish Takeover Rules.
The EUR6.30 is a 32% premium to Dalata's share price on March 5, the day prior to it beginning a strategic review and formal sale process. It is also a 15% premium to the average share price in the three months to Thursday.
"There can be no certainty that any offer will be made. A further announcement will be made as appropriate," Pandox said.
Stockholm-based Pandox and Eiendomsspar, an Oslo-based real estate firm, earlier in June proposed an all-cash offer for Dalata.
The proposal is for EUR6.05 per Dalata share, valuing the Irish firm at around EUR1.3 billion.
By Eric Cunha, Alliance News news editor
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