A bidding war for Mantra Group is unlikely, analysts at Citi Research and Deutsche Bank have suggested, following the $1.2 billion takeover offer made by French giant Accor.

Mantra shares soared 16 per cent on Monday and rose a further 1.3 per cent on Tuesday to reach $3.81 after the company said it had granted Accor due diligence on the back of its $3.96-a-share all-cash offer to acquire the country's second biggest hotel and resort operator.