Hostel chain Safestay has terminated its formal sales process despite receiving an offer for the company at a premium to the current share price.
Talks between the company and the potential buyer ended after it became clear that there was “not sufficient shareholder support to satisfy the third party making an announcement of a firm intention to make an offer”.
“All discussions with interested parties have now ceased and there are no ongoing discussions,” Safestay said.
Safestay, which operates in cities across Europe, said its hostels fully re-opened in July 2021.
“The board believes that as travel restrictions are lifted across Europe, the desire for travel will return, and the key locations and appeal of Safestay will see a strengthening of occupancy levels across our sites,” the company said.