French hotel operator AccorHotels is preparing a takeover bid for the 47.31% stake it does not yet own in Orbis.
AccorHotels is offering 1.9 billion PLN (500 million USD or 442 million EUR) to fully acquire the Polish group Orbis Hotel Group, the largest player in Central and Eastern Europe, with operations in Romania as well.
The French group became a minority shareholder of Orbis in 2000, later increasing its stake to 52.69%.
AccorHotels is offering 87 PLN for each Orbis share or 1.9 billion PLN in total. The price is 20% above the closing price of Orbis shares in the stock market session on November 26, 2018, and 11% higher compared to the volume-weighted average price over the last 3 months.
The offer will run from December 17, 2018, to January 18, 2019, and will be followed by the delisting of Orbis shares from the Warsaw Stock Exchange, but only if AccorHotels manages to buy a stake of at least 37.13% of the shares it does not yet own in the Polish group.
The full takeover of Orbis, which operates 128 hotels in Central and Eastern Europe, will consolidate AccorHotels’ presence in the region, according to group representatives.
Orbis is present in 16 countries in the region: Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Serbia, Slovakia, and Slovenia, being the sole licensor for all AccorHotels brands in these markets.
Source: Profit
Frequently Asked Questions
What is the value of AccorHotels’ offer for Orbis?
AccorHotels offered 1.9 billion PLN (approximately 442 million EUR) to acquire the remaining 47.31% stake in the Polish hotel group.
Where does Orbis Hotel Group operate?
Orbis operates 128 hotels across 16 countries in Central and Eastern Europe, including Romania, Poland, and Hungary.
What is the condition for delisting Orbis from the stock exchange?
The delisting from the Warsaw Stock Exchange will proceed if AccorHotels manages to acquire at least 37.13% of the shares it does not currently own.