Hospitality real estate firm PPHE Hotel Group said on Wednesday it has received a £920.9 million ($1.24 billion) takeover proposal from Israel’s Fattal Hotel Group, deeming the offer to fairly value the business.
- The offer price of £22 per share represents a 36.5% premium to PPHE’s closing price on Wednesday.
- The London-listed company had launched a strategic review in November, a week after controlling shareholders Eli Papouchado and Boris Ivesha expressed willingness to consider a potential partial sale of their stakes.
- Papouchado and Ivesha together hold about 44% of the voting rights in PPHE.
- PPHE said on Wednesday it would engage with its major shareholders to assess the deliverability of the proposal.
- Israeli hotel operator Fattal reserves the right to vary the form or value of its offer, including introducing securities or reducing the £22-per-share price under certain conditions.
- PPHE, headquartered in Amsterdam, operates hospitality real estate across Europe, including hotels under brands such as Park Plaza and art’otel, while Fattal operates a portfolio of hotels across Europe and the Middle East.
