Accor in big Mantra bid to cash in on Australia tourist boomhttps://hoteldesigns.net/wp-content/uploads/2017/10/MantraAccor.jpg 415 251 Daniel Fountain Daniel Fountain https://secure.gravatar.com/avatar/28f17893c9d95fdef8d92a5aa8c6423f?s=96&d=mm&r=g
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.