Mantra Group shares to be acquired by Accor

Company News

by Kathy Skantzos

Mantra Group (ASX:MTR) has entered a binding agreement with Accor Hotels, which will acquire all of Mantra’s shares at a price of $3.96.

Mantra shareholders will be entitled to receive $3.96 cash per share subject to applicable conditions.

The cash consideration represents an implied market capitalisation of $1.18 billion and an implied enterprise value of $1.25 billion for the 2017 financial year.

In addition, Mantra will have the discretion to pay shareholders a special dividend of up to 23.5 cents per share which will be deducted from the headline value.

The scheme is subject to certain regulatory approvals being met and shareholders voting in favour of the scheme.

Shares in Mantra Group (ASX:MTR) last traded flat at $3.87.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.