Dalata Hotel Group suitor Pandox snaps up some shares

Dalata Hotel Group PLC’s suitor Pandox AB purchased a €10.7 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 €6.30 each, €10.7 million in total. The shares represent roughly a 0.8% stake in Dalata.

Dalata Hotel shares rose 5.7% to 550.00 pence, around €6.44 currently, each in London on Friday afternoon, giving it a market capitalisation of €1.39 billion.

The move means that any takeover bid involving Pandox would have price shares in the London listing at €6.30 each at least, according to Irish Takeover Rules.

The €6.30 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 €6.05 per Dalata share, valuing the Irish firm at around €1.3 billion.

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