LONDON (ShareCast) - (ShareCast News) - Shares in Australian hotel operator Mantra Group surged on Monday after it confirmed that it has received a takeover offer from France's Accor.
Mantra said Accor has offered AUD3.96 cash per share, or $4.02 per share minus the final FY17 dividend that has already been paid out and including a potential special dividend.

"Mantra has granted Accor access to due diligence to determine if a transaction can be agreed and recommended unanimously by the Mantra board. The discussions are incomplete and any entry by the parties into binding transaction documents remains subject to a number of conditions, including (without limitation) the approval of both the Mantra and Accor boards and agreement on documentation."

Mantra added that there is no certainty an agreement will be reached or that the proposal will be implemented.

"Mantra will keep investors informed in accordance with its continuous disclosure obligations. At this stage shareholders do not need to take any action in relation to the proposal."

At 0930 BST, Mantra shares were up 16.4% to AUD3.76, while Accor was up 0.3% to €43.03.

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