(Alliance News) - ICAMAP Investments Sarl on Tuesday said the Citrus UK Bidco Ltd consortium has now received valid acceptances from easyHotel shares representing 69% of the firm's issued share capital.
The Citrus offer is now closed for acceptances and the consortium looks "forward to working with easyGroup Holdings Ltd and the other shareholders to grow and expand the business".
The acquisition vehicle's stake in the budget hotel operator includes the 39% holding ICAMAP had prior to the consortium being formed.
Citrus, a consortium made up of ICAMAP and real estate developers Cadim Fonds Inc, values easyHotel's share capital at GBP138.7 million, or 95.00 pence per share, and gave the company an enterprise value of GBP126.1 million when it announced its intention to acquire the hotel chain in August. easyHotel's directors recommended the Citrus offer.
Stelios Haji-Ioannou, who does not serve as a director, founded the budget hotel chain and various other companies in the "easy group" in 2004 through easyGroup Holdings Ltd.
He has "insisted" the firm remain a listed company, and has said his 28% stake will allow him to block any attempt to take easyHotel private.
On Monday, easyHotel announced Non-Executive Chair Jonathan Lane stepped down from the role with effect on Tuesday.
Lane joined the budget hotel operator in 2014, at the time of its initial public offering.
Non-Executive Director Scott Christie will assume Lane's role on an interim basis while the company searches for a permanent chair.
Chief Executive Guy Parsons said: "On behalf of both the board and the company, I would like to thank Jonathan for his longstanding commitment to the group. He joined the business at the time of IPO in 2014 and has bought valuable industry expertise to easyHotel during an important period of growth. We wish him the very best for the future."
Shares in easyHotel closed untraded at 97.00 pence each in London on Tuesday.
By Eric Cunha; ericcunha@alliancenews.com
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