Australia’s Mantra Group has confirmed that it has received a bid from AccorHotels pitched at A$3.96 (US$3.07) per share on a fully diluted basis, but stresses that discussions are still ongoing.
In an announcement to the Australian Securities Exchange, the hotel company said the proposed transaction is A$4.02 per share less than the final FY2017 dividend already paid. A potential special dividend is also included in the proposal.
It has been reported in the media that the indicative transaction translates to a valuation of A$1.18 billion.
According to Mantra’s announcement, there is no certainty that an agreement will be reached or that the proposal will be implemented.