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Mantra expects A$1.18B merger with AccorHotels to close in May

After receiving no opposition from the Australian Competition and Consumer Commission on AccorHotels' proposed A$1.18 billion acquisition of Mantra Group Ltd., the latter anticipates the deal to close in May, subject to customary closing conditions.

The Australian hotel and resort operator will solicit shareholders' votes on the buyout by the French hotelier during the month. Mantra directors recommend shareholders vote in favor of the A$3.96 apiece binding scheme arrangement in the absence of a superior proposal.