WARSAW — AccorHotels is once again in expansion mode, announcing plans to launch a Tender Offer for 100% of Orbis shares.
Orbis, which is headquartered in Warsaw, Poland, is the largest hotel operator in Central and Eastern Europe and is the exclusive master franchisee of certain AccorHotels brands in the region. Its portfolio comprises 128 hotels in 16 countries operated under the Sofitel, Pullman, MGallery, Novotel, Mercure, ibis, ibis Styles and ibis budget brands.
The Tender Offer includes the acquisition in cash of the 21,800,593 shares of Orbis AccorHotels does not already own, representing 47.31% of the share capital.
The offer, at a price of 87.0 zlotys per share, is unconditional. The subscription period of the offer will be opened from Dec. 17,2 018 to Jan. 18, 2019.
The offer price represents the following:
- 20% premium over the closing price of the day prior to the announcement
- 11% premium over the volume-weighted average price of the last three months
- 3% premium over the volume weighted average price of the last six months
Assuming AccorHotels acquires 100% of the shares it does not currently own, the overall cash consideration would amount to EUR442 million.
“AccorHotels and Orbis have built a long-term partnership since their first business agreement 45 years ago. AS its largest shareholder since 2000, AccorHotels has fully supported Orbis’ growth in Poland, then across Central Europe since 2014, where Orbis has become today a formidable leader,” said Sebastien Bazin, Chairman and CEO of AccorHotels. “The proposed transaction will enable AccorHotels to accelerate its development in the region. In addition, it will enable AccorHotels to further implement its active asset management policy.”
Through this transaction, AccorHotels intends to consolidate its leadership in Central Europe. It has decided to launch the offer to initiate the delisting of Orbis’ shares from the Warsaw Stock Exchange. If upon the completion of the offer AccorHotels holds shares in the share capital of the company, constituting at least 90% of the share capital of Orbis, it intends to proceed with a squeeze-out of the minority shareholders of the company.
