Action Hotels receives 24p a share offer from largest shareholder

AIM-listed Action Hotels said agreement had been reached with Action Group, its largest shareholder, on a takeover.

Under the terms of the offer, Action Hotels shareholders will be entitled to receive 24p in cash per share.

The offer values the entire issued ordinary share capital of Action Hotels at £35.43m and represents a premium of 50% to the closing price of 16p on 28 June 2018.

"The recommending independent directors .. consider the terms of the offer to be fair and reasonable (and) consider the terms of the offer to be in the best interests of Action Hotels shareholders as a whole," the company said.