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Mantra secures shareholders' approval for A$1.18B AccorHotels merger

A majority of Mantra Group Ltd.'s shareholders approved AccorHotels's proposed take over of the Australian hospitality company under a A$1.18 billion scheme.

A total of 157,390,056 votes, representing 99.90% of votes cast, were in favor of the proposal, while 151,124, or 0.10%, were against it, according to a news release.

The planned merger is expected to become legally effective May 23 after the Federal Court of Australia gives its approval at the second court hearing and court orders will be lodged to the Australian Securities and Investments Commission. On the same date, trading of the company's shares will be suspended on the Australian stock exchange.

The A$3.96-per-share scheme consideration is expected to be paid May 31.