ENL Land Ltd (MUSE:SAVA.N0000) and Rogers and Company Limited (MUSE:ROGE.N0000) made an offer to acquire remaining 69.98% stake in New Mauritius Hotels Limited (MUSE:NMHL.N0000) for MUR 7.1 billion on January 19, 2017. As per the transaction, ENL Land Ltd and Rogers and Company Limited made an offer to acquire remaining approximately 340 million shares of New Mauritius Hotels Limited at MUR 21 per share. The offer price will be paid to the shareholders having signed the acceptance form within three business days after the transfer date and net of brokerage fees. The offer is unconditional in all aspects. If offerors acquire more than 90% of the outstanding shares, they may squeeze out the remaining shares. The offer will run from February 20, 2017 till March 27, 2017. As on February 23, 2017, After taking into account the report of the advisor, and the terms of the Offer, the Board of New Mauritius Hotels recommends to New Mauritius Hotels shareholders to reject the offer as KPMG advised that the offer was not fair and reasonable and offer price is not representative of the fair value of a share in New Mauritius Hotels. KPMG Advisory Services Ltd acted as accountant to the Board of Directors of New Mauritius Hotels.


ENL Land Ltd (MUSE:SAVA.N0000) and Rogers and Company Limited (MUSE:ROGE.N0000) completed the acquisition of an additional 5.3% stake in New Mauritius Hotels Limited (MUSE:NMHL.N0000) for approximately MUR 540 million on March 27, 2017.