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Mantra Group keen on taking controlling stake of Oaks Hotels group

THE Mantra Group and its rivals are believed to be eyeing a controlling stake in Oaks Hotels and Resorts in a move that could scupper a $61 million takeover bid for the Brisbane-based accommodation provider by a Thai conglomerate.

Yesterday, Oaks told shareholders to take no action over Minor International's 35c per share cash offer, which values the business at $61m.

Oaks said the board was evaluating "several alternatives" and the directors would make a recommendation once they received Minor's bidder's statement.

According to sources, hospitality companies including the Mantra Group (previously known as Stella), French hotel giant Accor Hospitality, serviced apartment operator The Ascott and Amalgamated Holdings have all shown interest in buying a 36.4 per cent controlling stake in the company, which is being offered for sale by receivers PwC.

The holding was previously owned by the private companies of Oaks founder and former chief executive Brett Pointon, who remains on the company's board. There were also rumours that an offshore private equity firm could be looking at Oaks and some parties had put restructuring proposals to the Oaks board.

PwC would not comment.

Minor is also expected to buy a 5 per cent stake in Oaks owned by Mr Pointon and Chinese businessman David Wu, taking its total interest in Oaks to 19.96 per cent.

Its offer is subject to minimum acceptance of more than 50 per cent, including Minor's interest.

Oaks owes more than $70m to ANZ and NAB, and auditors have raised red flags over its assets-to-liabilities deficit of more than $60m. The company currently has no chief executive.

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Comments

  1. Dave says:

    Hi, thanks for this info. If they manage to take it over I will book one of their hotels.

  2. Thanks for that awesome posting. It saved MUCH time 🙂

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