Cascade hints potential Strategic takeover

Bill Gates’ Cascade Investment has increased its stake in Strategic Hotels & Resorts and signaled that it may be involved in a takeover of the company, according to Bloomberg.

Cascade has purchased about 1.74 million shares of Strategic since March, increasing its stake to 9.8%. According to a regulatory filing from Monday, Cascade has decided to approach Strategic about exploring alternatives, “including the possibility of the reporting persons being a party to a transaction involving the acquisition of the issuer.”

In July, it was reported that Strategic was exploring a sale and had hired an undisclosed bank to help it find a buyer.