Mantra Group Limited advised that the Federal Court of Australia has approved orders to convene a meeting of Mantra’s shareholders to consider and vote on the Scheme of Arrangement (“Scheme”), under which all Mantra shares will be acquired by AAPC Limited (a subsidiary of Accor S.A.) (“AccorHotels”) for total cash consideration of A$3.96 per share. The total cash consideration includes a fully franked dividend of $0.16 per Mantra share (“Special Dividend”).
A full copy of the Scheme Booklet, as approved by the Federal Court, will be separately released to ASX. The Scheme Booklet includes an Independent Expert’s Report prepared by Grant Thornton, which concludes that the Scheme is fair and reasonable and in the best interests of Mantra shareholders, in the absence of a superior proposal.
The Directors of Mantra reinforce their recommendation that Mantra shareholders vote in favour of the Scheme and intend to vote Mantra shares in their control in favour of the Scheme, in the absence of a superior proposal and subject to an Independent Expert continuing to conclude that the Scheme is in the best interests of Mantra shareholders.
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