August 5, 2019 / 6:46 AM / 3 months ago

REFILE-EasyHotel board recommends takeover bid from property funds

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Aug 5 (Reuters) - The board of Britain’s budget hotel chain easyHotel Plc on Monday recommended a bid from a consortium of Canadian real estate fund Cadim Fonds and Luxembourg’s ICAMAP Investments, drawing an immediate rejection from founder by Stelios Haji-Ioannou.

The offer values the company at 138.7 million pounds ($167.99 million), or 95 pence per share.

“I find the offer from ICAMAP to be very low and I urge all other shareholders to take no action (ie not accept he ICAMAP offer) until the true value and future potential of easyHotel can be evaluated,” Haji-Ioannou, who owns around 27% of the company, said in a statement. ($1 = 0.8256 pounds) (Reporting by Tanishaa Nadkar in Bengaluru; Editing by Anil D’Silva)

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