Australian hotel group Mantra rolls out the carpet for Accor's $920 million bid | reuters.com
Mantra Group Ltd (MTR.AX) on Thursday agreed to a A$1.18 billion ($920 million) buyout from French hotel company Accor SA (ACCP.PA), a deal which will create the biggest hotel group in Australia where tourism is rising sharply.
AccorHotels has been on an acquisition spree that, in part, aims to support chief executive Sebastien Bazin’s goal of adding businesses that can complement its core hotel operations and offer more control of hotel distribution.
This latest deal would give the combined group about 50,000 rooms - roughly 11 percent of Australia’s hotel market, according to IBISWorld statistics.
Accor is offering A$3.96 per share, a 23 percent premium to Mantra’s last trade before the bid was initially announced on Monday. The offer price is more than double Mantra’s A$1.80 issue price when it listed in 2014.