PPHE Hotel shares slide as strategic review ends with no takeover deal

(Sharecast News) - Shares of PPHE Hotel Group slid on Thursday as it confirmed the strategic review had ended and it is not in receipt of any takeover approaches. "The company is no longer in discussions with any party in relation to any proposal for a potential sale of the company that the board considers to be deliverable," it said in a brief statement.

Under UK takeover rules, PPHE is no longer in an offer period.

Last month, the company revealed that a proposed £920m takeover by Israel's Fattal Hotel Group had failed due to opposition from its biggest shareholder, Euro ⁠Plaza Holdings. The latter has a 33% stake in PPHE.

PPHE announced last November that it was undertaking a strategic review to consider a range of potential options "to maximise value for all shareholders" and that it had appointed Rothschild & Co as its sole financial adviser.

At 1001 BST, the shares were down 10.2% at 1,536p.

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