Hotel giant Accor set to acquire Mantra Group

AccorHotels has made a non-binding $1.2 billion takeover offer for Mantra Group, Australia's second-largest hotel operator.

Accor's newest asset in Australia is the $500 million Sofitel Darling Harbour, which opened last week.

In an announcement to the ASX this morning, Mantra said it had received an indicative all-cash bid of $3.96 per share, "being $4.02 per share less the final FY17 dividend that has already been paid, and including a potential special dividend".

Mantra Group is behind the Mantra, Peppers, and Breakfree brands and its board and shareholders now have to weigh up whether the $1.2 billion offer at a generous 22 per cent premium to its last closing price is sufficiently tempting to do a deal.

Mantra floated at $1.80 in June 2014. This has also boosted overseas visitor numbers, while encouraging Australians to holiday at home at popular east coast destinations where Mantra is well positioned.

The companies are now in discussions and the deal, if it proceeds, is subject to approval from both the Mantra and Accor boards, plus regulatory approvals.

"If any proposal is agreed, the proposal will be subject to regulatory approvals and other conditions to be determined", the statement said.

Mantra Group has more than 125 properties, including the Ala Moana in Hawaii.

Mantra has retained Highsbury Partnership as its financial adviser, and Baker & McKenzie as its legal advisors on this deal.

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