A consortium of Cadim Fonds Inc. and ICAMAP Investments S.À R.L. reached agreement on the terms of a recommended to acquire 61.3% in easyHotel plc (AIM:EZH) from Jonathan Lane, Guy Parsons, Scott Christie, Stelios Haji-Ioannou and others for £85.1 million on August 5, 2019. Under the terms of the, easyHotel shareholders will be entitled to receive £0.95 per share in cash. On August 15, 2019, ICAMAP Investments agreed to acquire 7,943,182 easyHotel shares in aggregate at a price of £0.95 per share. If any dividend or other distribution is authorised, declared, made or paid in respect of the easyHotel Shares on or after the date of this announcement and prior to the effective date, the offerors reserves the right to reduce the offer consideration by the amount of all or part of any such dividend or other distribution. Subject to obtaining the consent of the Panel, the offerors reserves the right to elect to implement the offer by way of a scheme. Prior to the offer, ICAMAP Investments S.À R.L. held 38.65% and post completion of the deal, ICAMAP Investments S.À R.L. along with Ivanhoé Cambridge, Inc., parent of Cadim Fonds Inc will hold 100% in easyHotel plc. The cash consideration payable pursuant to the transaction will be financed by a combination of equity contributions from Ivanhoé Cambridge and the ICAMAP Fund. Following the effective date, the offerors intends that easyHotel will continue to operate as a standalone business group and the offerors do not currently expect to make any material changes in location of easyHotel's places of business, headquarters and headquarters functions. Furthermore, the offerors expect to continue operating the majority of existing easyHotel hotels and is not intending to dispose of any material part of the easyHotel portfolio. The offerors intend to continue operating the easyHotel hotels under the 'easyHotel' brand in accordance with the terms of easyHotel's existing brand licence agreement with easyGroup Limited. It is expected that each of the non-executive easyHotel Directors other than the ICAMAP Director will resign as Directors of easyHotel on or shortly after the effective date. If the offer becomes or is declared unconditional in all respects, and the offerors have by virtue of its shareholdings and valid acceptances of the offer, acquired or agreed to acquire, easyHotel Shares carrying 75% or more of the voting rights of easyHotel, the offerors intend to make an application to the London Stock Exchange for the cancellation of the admission to trading of the easyHotel Shares on AIM. The offer is conditional on the offerors securing valid acceptances of the offer in respect of, or otherwise acquiring or agreeing to acquire (whether pursuant to the offer or otherwise), easyHotel shares which carry in aggregate more than 50% of the voting rights then normally exercisable at a general meeting of easyHotel and general third party clearances. The Independent easyHotel Directors intend to recommend unanimously that easyHotel shareholders accept the offer. For the purpose of considering the offer, the easyHotel Board constituted a committee of the independent easyHotel Directors other than the ICAMAP Director who represents ICAMAP. The ICAMAP Director has not taken part in the recommendation. The offerors have received irrevocable undertakings to accept (or procure acceptance of) the offer from each of the Independent easyHotel Directors who hold easyHotel shares in respect of their own shareholdings (and/or those of their close family, as relevant), being, in aggregate, 1.02 million easyHotel Shares, representing approximately 0.7 % of the issued ordinary share capital of easyHotel. The recommendation has drawn an immediate rejection from Stelios Haji-Ioannou, owner of 27% in easyHotel plc. Stelios Haji-Ioannou has urged all other shareholders of easyHotel plc to take no action. As of August 23, 2019, the offer has become wholly unconditional as the consortium holds around 50.19% stake representing 73.3 million shares in easyHotel. It is expected that the transaction will settle on August 19, 2019. The acceptance period for the offer will close on September 17, 2019, unless extended. As of September 17, 2019, the offer remains open for acceptance until October 1, 2019. As on September 18, 2019, Independent Directors of easyHotel consider the terms of the Offer to be fair and reasonable and unanimously recommend to accept the offer. Chris Treneman, David Anderson and Neil Coleman of Investec Bank plc acted as financial advisors to independent Directors of easyHotel plc. Patrick Long and William Lawes of Lazard & Co., Limited acted as financial advisors, Seth Joens of Allen & Overy LLP acted as legal advisors to offerors. Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor to Ivanhoé Cambridge, parent of Cadim Fonds Inc. Stephenson Harwood LLP acted as legal advisor to easyHotel. Karen Davies of Ashurst acted as legal advisor to Lazard & Co., Limited. Link Asset Services acted as receiving agent in the deal. A consortium of Cadim Fonds Inc. and ICAMAP Investments S.À R.L. completed the acquisition of 68.8% in easyHotel plc (AIM:EZH) from Jonathan Lane, Guy Parsons, Scott Christie, Stelios Haji-Ioannou and others for £95.1 million on October 1, 2019.