Merlin Entertainments Group (Merlin) has made a recommended takeover offer via its subsidiary Merlin Entertainments (Australia) Pty for Melbourne-based Living and Leisure Australia Group (LLA).

If accepted, the offer would accelerate the development of Merlin's operations in Asia Pacific and mark a continuation of the company's international expansion strategy. The offer of 5.14 cents cash per LLA stapled security values LLA at around A$140m (£90m) on an equity value basis, and implies an enterprise value for LLA of approximately A$244m (£157m). LLA directors have unanimously recommended that shareholders accept the offer.

Living and Leisure Australia Group, through its subsidiaries, operates ski lifts, ski school, ski hire, retail, and accommodation facilities at Mt. Hotham and Falls Creek Alpine Resorts in Victoria, plus the Mt. Hotham airport. It is also involved in the operation of aquariums in Melbourne and Mooloolaba, Australia; Bangkok, Thailand; Busan, Korea; and Shanghai, China.

In addition, the company manages Dubai Aquarium and Underwater Zoo in the United Arab Emirates; and operates two 600m elevated tree top adventures tourist attractions, as well as associated food and beverage/retail facilities located in the Otway Ranges in Victoria and Illawarra Southern Highlands in New South Wales, Australia. Image: Dubai Aquarium and Underwater Zoo