(Alliance News) - easyHotel PLC's founder Stelios Haji-Ioannou late on Tuesday said his stake in the company has made it impossible for it become a private firm.
ICAMAP Investments Sarl on Tuesday said Citrus UK Bidco Ltd has now received valid acceptances from easyHotel shares representing 68% of the firm's issued share capital.
The Citrus consortium values easyHotel's share capital at GBP138.7 million and gave the company an enterprise value of GBP126.1 million, when it announced its intention to acquire the hotel chain in August. The 95.00 pence per share offer became unconditional later that month.
Haji-Ioannou said: "While I applaud the ICAMAP/Ivanhoe's huge vote of confidence in easyHotel – I must repeat my insistence that it remains a listed company on the London market. It is now clear that easyGroup's 28% blocking minority stake and ICAMAP's low ball offer has made it impossible for easyHotel to be taken private.
"Therefore this exercise was an object lesson in pointlessness. By taking their stake from 38% to 68%, ICAMAP have achieved little other than to enrich lawyers and bankers to the tune of GBP1.5 million. What a colossal waste of money."
Haji-Ioannou founded the budget hotel chain, and various other companies in the "easy group" in 2004 through easyGroup Holdings Ltd.
If Bidco receives acceptances of easyHotel shares carrying 75% of more of its firm's voting rights, it intends to cancel easyHotel's AIM listing.
The offer will remain open for acceptances until October 1. easyHotel shares closed untraded at 94.50p in London on Tuesday.