Yesterday, AccorHotels officially took the wheel at Mantra Group.
In a statement on the ASX, Mantra announced the Federal Court of Australia has made orders approving the scheme of arrangement by which all Mantra shares will be acquired by AAPC Limited (a subsidiary of AccorHotels).
The group also confirmed a copy of the court order was lodged with the Australian Securities and Investments Commission (ASIC).
What does all this mean? Essentially, the scheme, referring to AccorHotel’s acquisition of all Mantra shares has become legally effective.
It’s done, people!
Mantra shares were suspended from trading this morning.
According to AFR, the acquisition will create a local hotel giant with around 15 per cent of the local market, including 370 hotels and 53,000 rooms.
Mantra recently released its half-yearly results, which revealed the group’s revenue was up by $10m.
The Group saw record revenue and massive increases in room bookings, with an increase in revenue of $10.1m and 1.97m rooms sold.
Revenue grew to $366.2m, an increase of 2.8 per cent, mainly due to growth in domestic and international travel, as well as record RevPAR (Revenue Per Available Room) of $145.07.
The number of rooms sold in the first half of the financial year was the highest ever for the period, and the Group increased available rooms by 2.6 per cent.