Orbis SA said that its management board believes the unconditional cash buyout offer of 87.0 zlotys per share by French hotelier AccorHotels reflects the fair value of the company.

The Poland-based hotel operator, which had enlisted external entity mCorporate Finance Sp. z o.o. to evaluate the offer, noted that the price is 19.5% higher than the company's closing rate in Warsaw on Nov. 23, the last business day before the offer announcement.

The tender offer pertains to 21,800,593 Orbis shares that AccorHotels does not already own, representing 47.31% of Orbis' share capital. Assuming a complete buyout, the overall cash consideration would total 1.9 billion zlotys.

As of Dec. 11, US$1 was equivalent to 3.80 zlotys.