Four Seasons receives US$3.7bn bid
Four Seasons, the US-based hotel group, has received a US$3.7bn (£1.9bn, 2.9bn euro) offer to take the company private.
The proposal came from the company’s controlling shareholder Isadore Sharp and his Triples Holdings firm – together with Kingdom Hotels International, which is owned by Prince Alwaleed Bin Talal, and Cascade Investment, which is owned by Microsoft founder Bill Gates.
Sharp, the chair and CEO of Four Seasons, said: “I am delighted to have found what I believe is the best way to preserve and expand the long term strategy, vision and core values of Four Seasons.”
Four Seasons has established a special committee of independent directors that will consider the proposed transactions, supervise the preparation of a formal valuation and refer back to the board.
The company has more than 70 hotels in 35 countries, with 25 more currently under development. Details: www.fourseasons.com
Photograph: The Four Seasons Cairo
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