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Bidco Now Owns 50% Of EasyHotel, Consortium's Offer Now Unconditional

(Alliance News) - ICAMAP Investments Sarl said Citrus UK Bidco Ltd's takeover of easyHotel PLC is ...

Alliance News 23 August, 2019 | 6:44PM
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(Alliance News) - ICAMAP Investments Sarl said Citrus UK Bidco Ltd's takeover of easyHotel PLC is now wholly unconditional after the consortium received valid acceptances for further shares in the budget accommodation provider.

Bidco, a consortium made up of ICAMAP and real estate developers Cadim Fonds Inc, now holds 73.0 million easyHotel shares, representing 50% of the company.

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 earlier in August.

ICAMAP said Wednesday that the acceptances for the 95.00 pence per share Citrus offer must be received by September 17.

easyHotel's founder Stelios Haji-Ioannou opposes the takeover, accusing ICAMAP of "stealing the company from under the noses of other investors".

Haji-Ioannou, who does not serve as a director, attempted to purchase more easyHotel shares this week with the intention of boosting his holding in the company to just under 30% but was unable to buy more than a nominal amount of shares.

Shares in easyHotel closed 1.1% lower at 94.00 pence each.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
easyHotel PLC 95.00 GBX 0.53 -

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Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

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