Accor boosts Orbis stake by a third

Accor boosts Orbis stake by a third

AccorHotels has received the preliminary results of a tender offer for the outstanding shares in Orbis Hotel Group.

The French hotel giant launched a tender offer in November last year for all the shares outstanding in the Polish company that it did not already own.

Following the closure of the tender, Accor said investors had submitted subscriptions for approximately 15.3 million shares in Orbis.

Each was valued at PLN95, or €22, leading to a total consideration of PLN1,450 million, or €337 million.

The is roughly one third of the outstanding shares in Orbis.

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The final number of shares in Orbis subscribed for in the offer will be confirmed on January 23rd.

The settlement of the shares by AccorHotels will take place on January 28th.

Following the settlement of the offer and subject to the final confirmation of the number of shares submitted by the investors in the offer, AccorHotels will own, directly and indirectly, 85.8 per cent of Orbis’ share capital.

AccorHotels strengthens the control on Orbis and consolidate its leadership in central Europe.