French hospitality company AccorHotels is preparing a cash tender offer to acquire the outstanding stake in Polish travel agency company Orbis that it does not already own.

The offer, for 21.8 million shares, is priced at $22.95 per share.

AccorHotels could pay 1.9 billion zlotys ($501.66 million) if all shares are sold.

The company already owns 52.7 percent of Orbis shares and intends to raise its stake to 100 percent.