Four Seasons Hotels Inc. has formally agreed to a privatization bid by companies in the empires of Bill Gates and Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud.
The luxury hotel chain's board of directors is recommending shareholders accept the bid of $82 US per share.
The group of companies seeking to acquire the hotel chain includes Gates's Cascade Investment LLC, Kingdom Hotels International, which is owned by a trust of Bin Talal, and Four Seasons founder Isadore Sharp.
The group's takeover offer was introduced in early November.
If the transaction is completed, Sharp will be be entitled to get roughly $289 million US from a long-term incentive agreement approved by the company's shareholders in 1989.
A majority vote of the shareholders of Four Seasons, excluding the Saudi price, is required for the takeover to proceed.
Shares of Four Seasons fell $2.52 US to end at $81.36 US on the NYSE, and eased $2.64 to $95.59 on the TSX.
http://www.cbc.ca/money/story/2007/02/12/fourseasons.html:coffee: :toast:
The luxury hotel chain's board of directors is recommending shareholders accept the bid of $82 US per share.
The group of companies seeking to acquire the hotel chain includes Gates's Cascade Investment LLC, Kingdom Hotels International, which is owned by a trust of Bin Talal, and Four Seasons founder Isadore Sharp.
The group's takeover offer was introduced in early November.
If the transaction is completed, Sharp will be be entitled to get roughly $289 million US from a long-term incentive agreement approved by the company's shareholders in 1989.
A majority vote of the shareholders of Four Seasons, excluding the Saudi price, is required for the takeover to proceed.
Shares of Four Seasons fell $2.52 US to end at $81.36 US on the NYSE, and eased $2.64 to $95.59 on the TSX.
http://www.cbc.ca/money/story/2007/02/12/fourseasons.html:coffee: :toast:
