Alpine Associates Management Inc. acquired a 5.30% stake, or 15,775,892 ordinary shares, in Mantra Group Ltd. from Credit Suisse Equities Australia.

The Australian Financial Review reported that the New Jersey-based fund manager spent approximately A$60 million for the stake acquisition, with prices for each share falling between A$3.84 and A$3.91.

The Feb. 19 report noted that the purchase was made in the midst of the proposed A$1.18 billion merger between Mantra and French hospitality giant AccorHotels, with the proposal currently under review by the Australian Competition and Consumer Commission. The completion of the takeover was pushed back to the final quarter of the financial year, following the delay in the release of the competition watchdog's provisional decision on the merger.