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Court approves Four Seasons Hotels' plan to take company private in $3.8 billion transaction
By Lisa Kerner
Charlotte, N.C., April 13 - Four Seasons Hotels Inc. said the Ontario Superior Court of Justice approving its plan to be taken private by affiliates of Cascade Investment, LLC (an entity owned by William H. Gates III), Kingdom Hotels International and company head Isadore Sharp.
On April 5, Four Seasons shareholders approved the $82.00 in cash per limited voting share proposal, according to a company news release.
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 of the Toronto-based luxury hotel and resort company.
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