Mantra Group Ltd. said the scheme of arrangement under Paris-based AccorHotels' A$1.18 billion takeover of the company was implemented May 31.
The A$3.80 scheme consideration for each share was paid on the same date to Mantra shareholders on record as of May 28. The Australian hotel operator also settled on May 30 a fully franked special dividend of 16 Australian cents per Mantra share to shareholders.
The settlement of the consideration for all the shares made the French hotelier the sole shareholder in Mantra, which will apply to be delisted from the official list of the Australian stock exchange at the close of the June 1 trading.
AccorHotels lodged its takeover proposal for Mantra on Oct. 8, 2017, with the two parties signing the binding scheme of arrangement a few days after. Mantra shareholders approved the scheme May 18, and the Federal Court of Australia gave its stamp of approval to make the scheme legally effective.
