Dalata Rubber Stamps Moran Bewleys Deal
Published on Jan 5 2015 4:34 AM in Hotel
Listed hotel company Dalata has moved a step closer to securing the €455 million capture of nine hotels from the Moran Bewley’s group, according to reports.
The Irish Times has revealed that shareholders of Dalata, the company run by Pat McCann, today green-lighted the company's proposed takeover at an extraordinary general meeting in Dublin.
The deal has one final obstacle to hurdle, with the Competition and Consumer Protection Commission expected to give its verdict on whether to clear the takeover gets the all clear by the end of this month.
Dalata, which operates the Maldron brand, will issue 18.3 million new shares at €2.75 each to part finance the deal, according to The Irish Times.
If the deal goes through, Dalata will bring the number of hotels in its Irish stable to 16, with plans on further expansion.
The company currently owns or operates 38 hotels in Ireland and Britain.