ACCORHOTELS’ takeover of the Australian-based Mantra Group has been given final backing, with the Federal Court yesterday approving arrangements for the $1.2 billion purchase.
The endorsement follows Fri’s vote by Mantra shareholders to support the deal, and means the scheme of arrangement through which Accor subsidiary AAPC Limited will take up all Mantra shares has been approved.
Shares in the local hotelier were suspended from trading on the ASX at yesterday’s close of trade, and the scheme is due for implementation on 31 May.
Shareholders will receive $3.80 per Mantra share, plus a special dividend of 16c per share.
The court’s backing follows earlier approvals by the Australian Competition & Consumer Commission and Foreign Investment Review Board (TD 08 Mar).
It means AccorHotels will boost its portfolio with more than 135 Mantra properties in the Asia-Pacific region.
Mantra employs more than 5,500 people and operates the Peppers, Art Series, Mantra and Breakfree brands.