KHC makes offer for hotel division
Saudi Arabia-based Kingdom Holding Company (KHC) has confirmed it has launched a bid to acquire all remaining shares in Kingdom Hotel Investments (KHI).
KHC, chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, currently owns a 56 per cent stake in the hotel operator, has unveiled a cash offer that values the business at US$843m (£556m, €614m). An independent committee established in order to oversee the deal has recommended the acceptance of the offer, which is worth US$5 (£3.30, €3.64).
HRH Prince Alwaleed said: "The offer which Kingdom Holding Company has today announced represents a significant premium to KHI's historic trading price and is structured to provide minority shareholders with short term liquidity at an exit price for cash on terms we believe are highly attractive."
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