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Australia's Mantra Group Gets Bid From French Hotel Group Accor At A$3.96/Shr

Mantra Group confirmed that it has received an indicative acquisition proposal from French hotel group Accor (ACRFY.PK,ACRFF.PK) at A$3.96 per share cash.

The offer price is A$4.02 per share less the Mantra's final dividend for fiscal 2017, including a potential special dividend.

Mantra shares were up 16.87 percent at A$3.78 at 2.36 pm local time.

Mantra said that Accor has been granted due diligence access to determine if a deal can be agreed upon and unanimously recommended by the Mantra board.

There is no certainty that an agreement will be reached or that the Proposal will be implemented, Mantra said in a statement to the Australian Securities Exchange.

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

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