Hotel group Dalata rejects €1.3bn takeover bid as 'materially undervalued'

Firms operates Maldron and Clayton hotels across Ireland, the UK and Europe

The consortium has until July 15 to make a formal offer for Dalata or walk away

Ireland's largest hotel group Dalata has rejected a €1.3bn takeover bid from property owners Pandox and Eiendomsspar as "materially undervalued". 

A consortium consisting of property owners Pandox and Eiendomsspar proposed the buyout. The proposal comprised a cash offer of €6.05 per ordinary share of Dalata, representing a premium of about 5% to the firm's closing price on Monday.