EasyHotel founder Sir Stelios Haji-Ioannou has urged fellow shareholders to sit tight after a "very low" bid for the budget hotel chain.
Canadian investment fund Ivanhoe Cambridge and Luxembourg-based ICAMAP Investments have offered to buy out current shareholders for 95p a share.
That is a 35% premium on the closing share price on Friday evening - valuing the business at £138.7 million.
EasyHotel chairman Jonathan Lane said the deal was "fair and reasonable", and would help accelerate expansion into major European cities "where it sees significant opportunity, underpinning the long-term growth and prosperity of the EasyHotel brand."
Harm Meijer, managing director and founding partner of ICAMAP, which already has a 38.7% stake in EasyHotel, said: "We continue to believe in the long-term strategy of the business.
"However, we also believe that the company needs a change in its shareholder base in order for EasyHotel to become a true leading pan-European budget hotel player."
But Sir Stelios, a 27% shareholder via his easyGroup investment company, said: "I find the offer from ICAMAP to be very low and I urge all other shareholders to take no action (ie not accept the ICAMAP offer) until the true value and future potential of EasyHotel can be evaluated.
"It should be noted ICAMAP themselves paid 110p (per share) only 18 months ago and the stock has been as high as 128p just 15 months ago."
