PPHE in offer period after biggest shareholders consider partial sale

(Alliance News) - PPHE Hotel Group Ltd's biggest shareholders said on Friday the company is in an offer period, after they announced they are considering options such as a partial monetisation of their stakes or contributing growth capital.

Shares in PPHE jumped 11% to 1,660.10 pence on Friday morning in London.

Founder Eli Papouchado and PPHE President Boris Ivesha collectively own approximately 44% of the voting rights of PPHE, the Amsterdam-based operator behind the Park Plaza and Art'otel hotels.

Papouchado and Ivesha's response followed a story by Bloomberg on Thursday that reported Papouchado and Ivesha were considering options, including a potential move to take the company private.

As a result of the Friday announcement, PPHE is now in an offer period.

Papouchado and Ivesha said they are not in discussions with any parties nor are they in receipt of any offer for their collective stake.

The announcement was made without the knowledge of PPHE, according to the two shareholders.

They added that there is "no certainty that any such offer will be made" and that a "further announcement will be made when appropriate".

By Roya Shahidi, Alliance News reporter

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