PPHE Hotel Group (LSE:PPH), the hospitality and real estate company, said its seven-month strategic review and sales process has stalled after the lead bidder withdrew its proposal in the face of opposition from a major shareholder.
Fattal, the party that had submitted an offer proposal under the formal sale process, informed the PPHE board it would not proceed while major shareholder Euro Plaza Holdings remained opposed to the transaction.
PPHE's independent offer committee concluded that the Fattal proposal "is not capable of being delivered in its current form."
A second interested party submitted an indicative proposal on 31 May, though the company described that interest as "at a very preliminary stage and currently being assessed."
The board said it intends to conclude the review process "as expeditiously as possible," noting the exercise has already run for more than seven months.
