PPHE receives PS22 per share offer from Fattal Hotel
PPHE Hotel Group Ltd on Wednesday announced that it has received a £22 per share acquisition offer from Fattal Hotel Group.
The Guernsey-registered operator of Park Plaza and art’otel hotels has a property portfolio valued at £2.2 billion.
The announcement comes after it launched a strategic review and formal sale process in November, appointing Rothschild & Co as financial advisor.
At the time, PPHE said the review would ‘consider a range of potential options to maximise value for all shareholders.’ It said options could include selling some or all of the company or introducing new growth capital into the company or its hotel portfolio.
44% shareholders Eli Papouchado and Boris Ivesha supported the review.
On Wednesday, PPHE said the offer from Tel Aviv-based Fattal represents a fair value. It has formed an independent offer committee which excludes Roni Hirsch, representative director of 29% shareholder Euro Plaza Holdings.
PPHE said it now intends to engage with the major shareholders to assess the deliverability of the proposal.
PPHE shares closed up 0.9% at 1,612.00 pence each in London on Wednesday, prior to the offer announcement.
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