Indicative and non-binding proposal of $3.96 per share.
Mantra Hotels has just issued a formal ASX statement confirming it was in talks with Accorhotels about a potential acquisition of the company.
Accor is proposing a scheme of arranagement at $3.96 per share, being $4.02 per share less the final 6c per share dividend for FY17 that has already been paid, and including a potential special dividend.
Mantra said the discussions are incomplete, and “any entry by the parties into binding transaction documents remains subject to a number of conditions” including approval by both the Mantra and Accor boards.
The company said there was no certainty that an agreement would be reached or that the proposal would be implemented.
More details in today’s issue of Travel Daily.