A European corporate has decided not to proceed with the purchase of up to 14 per cent of the Dalata Hotel Group through the acquisition of €110 million worth of ordinary shares in the group, which is the biggest hotel operator in the Republic. In a note to investors via the London Stock Exchange on Thursday, JP Morgan said it was recently engaged by the European corporate to act as dealer-manager to intermediate the purchase of the financial investment. It said the European corporate in question has multiple minority holdings and sought to purchase the shares at a price between €3.50-€3.75. ‘Unwilling to sell’In a note on Friday, Goodbody analyst Paul Ruddy said that had the buyer been successful it would have purchased about 29-31 million shares in Dalata, or 13-14 per cent. He noted there would be 850 rooms between the two Clayton and Maldron hotels near Dublin Airport, he said.

Source: The Irish Times February 12, 2021 10:57 UTC