Four Seasons Gets $3B Buyout Bid from CEO, Bill Gates, and Prince Alwaleed

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Four Seasons Gets Bid [TheStreet.com]

Summary: Four Seasons Hotel Inc. received a $3B buyout bid from a group that includes controlling shareholder Isadore Sharp, Bill Gates, and Saudi Prince Alwaleed. The group proposes to pay $82/share, a 28% premium to Friday's closing price. CEO Sharp's holding company Triples would retain a 10% holding through a separate class of special voting shares; the other 90% would be split equally between Alwaleed's Kingdom Hotels and Gates' Cascade Investments. Sharp would remain as CEO and chairman. Sharp: "I am delighted, together with these exceptional investors, 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. Having given this proposal very careful consideration, this transaction, with these investors, is the only one I am prepared to pursue."
Related links: Forbes is reporting that shares of Intercontinental Hotels Group plc are trading higher on the news.
Potentially impacted stocks and ETFs: Four Seasons Hotel Inc. (FS), Intercontinental Hotels Group plc (IHG), Marriott International Inc. (MAR), Starwood Hotels & Resorts Worldwide (HOT), Orient-Express Hotels Ltd. (OEH)

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