Four Seasons approve proposal to take company private at $82 per share

By Lisa Kerner

Charlotte, N.C., April 5 - Four Seasons Hotels Inc. shareholders approved the proposal to take the company private at a price of $82.00 cash per limited voting share by affiliates of Cascade Investment, LLC, Kingdom Hotels International and Four Seasons chairman and chief executive officer Isadore Sharp.

At Thursday's special meeting, 28,886,566 votes were cast, with the transaction approved by 68.98% of the votes cast.

The $3.8 billion transaction is expected to close in the second quarter of 2007.

Sharp, who stands to make $289 million on the deal, will continue as chairman and chief executive officer, according to a company news release.

Toronto-based Four Seasons manages luxury hotels and resorts.

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