Date: June 2018
Location: Banyan Tree manages more than 40 resorts and hotels, 60 spas, 70 retail galleries and three championship golf courses in 28 countries.
Name: Banyan Tree Hotels & Resorts
Banyan Tree Holdings said French hotel chain operator Accor has not exercised an option to buy up to 10 per cent of Banyan.
The option was granted in late April alongside an irredeemable convertible debt of S$24 million subscribed by Accor, and a collaboration agreement to co-develop hotels.
The placement shares offered under the option agreement were to be sold at a 15 per cent premium to the volume-weighted average price immediately before the option notice is submitted by Accor.
The convertible debt allows for the automatic conversion of the outstanding principal amount into shares once certain conditions are triggered.
The two companies signed a collaboration and co-development agreement earlier this year.
THPT Comment: As Accor has been marketing Banyan Tree as an Accor brand, wonder how this news leaves that deal?
First Seen: Business Times of Singapore