AccorHotels makes $1.2 billion bid to acquire Mantra Group
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AccorHotels makes $1.2 billion bid to acquire Mantra Group
The ASX has just received notification from the Mantra Group that it has received an indicative and non-binding proposal from AccorHotels to acquire the hotel company for AUD$3.96 per share which is understood to be brokered by JLL's Hotels and Hospitality Group.
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Mantra GroupMantra Group CEO and Tourism Australia Chair Bob East -
Mantra GroupMantra Sydney Airport Hotel -
AccorHotelsSofitel Sydney Darling Harbour
If successful with the bid, AccorHotel would then run over 370 hotels in the Australasia region by adding Mantra's 120 hotels to its network.
AccorHotels has been granted “access to due diligence to determine if a transaction can be agreed and recommended unanimously by the Mantra Board”.
“The discussions are incomplete and any entry by the parties into binding transaction documents remains subject to a number of conditions, including (without limitation) the approval of both the Mantra and Accor Boards and agreement on documentation,” Mantra says.
“If any proposal is agreed, the Proposal will be subject to regulatory approvals and other conditions to be determined."
“There is no certainty that an agreement will be reached or that the Proposal will be implemented,” Mantra says.
Mantra Group has a team of approximately 5500 with over 20,000-plus rooms in over 125 properties which are under management for owners in properties across Australia, New Zealand, Indonesia and the United States (Hawaii).
"Mantra will keep investors informed in accordance with its continuous disclosure obligations."
"At this stage shareholders do not need to take any action in relation to the Proposal."
It is understood that JLL's Hotels and Hospitality Group is brokering the deal.
See also:
Mantra Group in prime position for tourism boom
