Bill Gates, Others Buy Four Seasons Hotels
Posted on: Monday, 12 February 2007, 15:00 CST
Four Seasons Hotels Inc. of Toronto said Monday it agreed to a $3.37 billion takeover by a private group that includes Microsoft Corp. Chairman Bill Gates.
The takeover, which adds up to $3.8 billion including debt, was unanimously approved by its board, the company said.
A shareholders meeting to vote on the deal is expected in April.
Gates-owned Cascade Investment LLC and Saudi Prince Alwaleed's Kingdom Hotels International offered $82 in cash for each limited-voting share, the company said.
Kingdom Hotels already owns a 23 percent stake of Four Seasons, while Cascade has an 8.2 percent interest in the company. A third buyer is Triples Holdings Ltd., a holding company owned by the family of Four Seasons Chairman and Chief Executive Isadore Sharp. Sharp will gain $288 million from the deal.
The transaction is subject to regulatory review.
Source: United Press International
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