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AccorHotels announces $500 million offer for rest of Poland's Orbis

Published 26/11/2018, 18:01
© Reuters. AccorHotels announces $500 million offer for rest of Poland's Orbis
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(Reuters) - AccorHotels (PA:ACCP), Europe's largest hotel group, is planning a cash tender offer to buy the outstanding stake in Poland's Orbis (WA:ORBP) that it does not already own, it said in a statement.

The offer, for 21.8 million shares, is priced at 87 zlotys per share. The French group could spend 1.9 billion zlotys (392 million pounds) if all shares are sold.

AccorHotels already owns 52.7 percent of Orbis shares and plans to raise its stake to 100 percent. It will then delist Orbis shares from the Warsaw Stock Exchange.

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