By Lisa Kerner
Charlotte, N.C., Feb. 12 - Four Seasons Hotels, Inc. entered into a definitive agreement to take Four Seasons private at $82.00 cash per share.
Once the transaction is complete, the owners of Four Seasons will include affiliates of Cascade Investment, LLC, which is an entity owned by William H. Gates III; Kingdom Hotels International; and Four Seasons chairman and chief executive officer Isadore Sharp.
Sharp, who stands to make $289 million on the deal, will continue as chairman and chief executive officer.
The transaction, unanimously approved by the board of directors, values Four Seasons at $3.8 billion including debt, according to a company news release.
Shareholders will vote on the proposed transaction at a special meeting expected to be held in April.
Toronto-based Four Seasons manages luxury hotels and resorts.
| Acquirer: | Cascade Investment, LLC, Kingdom Hotels International, Isadore Sharp
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| Target: | Four Seasons Hotels, Inc.
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| Payment per share: | $82.00
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| Announcement date: | Feb. 12
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| Expected closing: | Upon approvals
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| Stock price for target: | NYSE: FS; $83.88 on Feb. 9
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