LONDON: A consortium formed by Pandox AB and Eiendomsspar AS confirmed Tuesday it has submitted a non-binding proposal to acquire Ireland’s Dalata Hotel Group PLC in an all-cash deal valuing the company at approximately €1.3 billion ($1.4 billion).
The offer of €6.05 per share represents a 27.1% premium to Dalata’s closing price on March 5, the last trading day before the company announced a strategic review and formal sale process. It also marks a 13.6% premium to Dalata’s three-month volume-weighted average share price as of June 2.
Eiendomsspar, which already owns about 8.8% of Dalata’s shares, would contribute its stake to a newly formed acquisition vehicle jointly controlled by the consortium. Pandox and Eiendomsspar said they are in talks with a European hotel operator to manage Dalata’s properties if the deal proceeds.
The consortium said it believes the proposal offers “tangible and certain value” for shareholders and reflects its confidence in Dalata’s growth potential. The group emphasized its experience in the European hospitality sector and past transactions in the U.K. and Ireland.
Dalata, which operates the Clayton and Maldron hotel brands, has not yet responded to the proposal. The consortium said it aims to secure a recommendation from Dalata’s board and move swiftly toward a formal offer.
Under Irish takeover rules, the consortium must announce a firm intention to bid or withdraw by July 15, unless extended by regulators. The group reserved the right to adjust the offer terms under certain conditions, including if a rival bid emerges.
No certainty exists that a formal offer will be made. Further updates will be provided as necessary.