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Mantra

Mantra Accor

Accor in big Mantra bid to cash in on Australia tourist boom

415 251 Daniel Fountain

France’s Accor SA has bid Australian $1.18 billion (£696 million) for Mantra Group Ltd – a deal that would combine the two biggest hotel owners in Australia, both seeking to capitalise on surging tourism in the country, according to a Reuters report.

Accor, already the biggest hotelier in Australia, offered $3.96 (£2.34) a share, or a 23 percent premium to Mantra’s closing price on Friday. The total offer is worth $4.02 (£2.37) per share if a six-cent final dividend paid in 2017 is included, Mantra said in a statement.

Mantra said it was allowing Accor to conduct due diligence “to determine if a transaction can be agreed and recommended unanimously by the Mantra board.” An Accor spokeswoman had no immediate comment.