(Alliance News) - easyHotel PLC on Thursday said Citrus UK Bidco Ltd has updated its takeover offer after a further GBP7.6 million in shares were acquired by ICAMAP Investments Sarl on its behalf.
Citrus is a newly incorporated company owned by a consortium of Cadim Fonds Inc, part of Ivanhoe Cambridge and ICAMAP Investments.
ICAMAP bought 7.9 million easyHotel shares at a price of 95 pence each. easyHotel shares were trading flat on Thursday in London at 94.50p each, giving it a market capitalisation of GBP137.9 million.
The financial terms of the updated offer are identical to the financial terms of the offer announced on Monday last week. It is expected that the acquisition will settle on Monday next week.
The offer, which values easyHotel's share capital at GBP138.7 million and gives easyHotel an enterprise value of GBP126.1 million, was recommended by the company's independent directors, it said on Monday last week.
"If accepted, the updated offer should enable the easyHotel group to accelerate its expansion into major European cities where it sees significant opportunity, underpinning the long-term growth and prosperity of the easyHotel brand," said easyHotel Chair Jonathan Lane.
"We are open-minded about whether easyHotel remains a publicly traded company or becomes private. In either case, we believe that the change of ownership which our offer will deliver is essential to enable easyHotel to navigate the current market uncertainty and to thrive in the future," said Managing Director of ICAMAP Harm Meijer.
