Accor SA (ENXTPA:AC) made a tender offer to acquire remaining 47.31% stake in Orbis Spólka Akcyjna (WSE:ORB) for PLN 1.9 billion on November 26, 2018. Under the terms of the offer, Accor will acquire 21.8 million shares and will pay PLN 87 per share. AccorHotels has decided to launch the offer to initiate the delisting of Orbis' shares from the Warsaw Stock Exchange. As on January 10, 2019, the Accor has increased the per share offer price from PLN 87 per share to PLN 95 per share. In accordance with the Offer, if upon the completion of the Offer AccorHotels holds shares in the share capital of the Company constituting at least 90% of the share capital of Orbis, AccorHotels intends to proceed with a squeeze-out of the minority shareholders of the Company. The subscription period of the Offer will be opened from December 17, 2018 to January 18, 2019. As of January 18, 2019, Accor SA has received subscription for 15.3 million shares of Orbis, constituting approximately 33.1% of the share capital of Orbis. The final number of shares subscribed in the offer will be confirmed on the date of the share purchase transaction by AccorHotels, which will take place on January 23, 2019. Laurent Meyer and Charles Veyrat of Societe Generale and Lazard acted as financial advisors to Accor SA. Marcin Chylinski, Ewa Bober, Filip Lesniak, Leszek Cyganiewicz and Arkadiusz Karwala of Weil, Gotshal & Manges acted as legal advisors for AccorHotels. mCorporate Finance S.A. acted as the financial advisor for Orbis S.A.

Accor SA (ENXTPA:AC) completed the acquisition of an additional 33.15% stake in Orbis Spólka Akcyjna (WSE:ORB) for PLN 1.5 billion on January 23, 2019. Accor holds 85.84% stake in Orbis, post completion. The settlement of the shares tendered will take place on January 28, 2019.