The owner of the Park Plaza hotel chain has received another takeover bid, paving the way for another firm to leave the London stock market.

It came after Israel's Fattal Hotel Group, which owns Leonardo Hotels and NYX Hotels, dropped its £930million offer for FTSE 250 group PPHE after a major shareholder opposed the takeover deal.

PPHE previously said Fattal's £22-a-share offer is 'fair value', but Euro Plaza Holdings, which holds a 33 per cent stake, opposed the offer.

'Fattal has recently informed the PPHE board that it would not be prepared to proceed with the Fattal Proposal in circumstances where Euro Plaza Holdings is opposed to such an offer,' the company said.

'Accordingly, the Independent Committee has concluded that the Fattal Proposal is not capable of being delivered in its current form.'

The group operates 50 hotels across Europe. In Britain this includes the Park Plaza hotels in London's Waterloo, Westminster and Victoria, as well as Park Plazas in cities such as Leeds and Nottingham and others under the luxury Art'otel brand. 

PPHE has since received an 'indicative proposal' from another potential suitor, which 'is at a very preliminary stage and is currently being assessed,' it said.

Shares fell 18.73 per cent to 1625p.

PPHE has become the latest takeover target on the London stock market amid a takeover frenzy that has seen a host of British household names targeted by foreign firms.

On Thursday, Intertek became the third FTSE 100 firm to announce its exit from the London market after confirming its £10.7billion takeover by a Swedish private equity firm.

Earlier this year, City behemoth Schroders backed a £9.9billion takeover by US rival Nuveen, while Lloyd's of London underwriter Beazley agreed to be bought by Zurich Insurance in an £8.1billion deal.

Energy firm DCC also recently said it was 'minded' to back a £5.7billion offer from private equity firm KKR and Energy Capital Partners.

Foreign firms are also scouring the market for midcaps they can snap up cheaply. William Hill owner Evoke recently agreed to a takeover by Greece-based Bally's Intralot, while a £2.7billion bid for Tate & Lyle was tabled by US rival Ingredion.