HNA Tourism Group Co. on Thursday announced a mandatory public offer to the shareholders in Rezidor Hotel Group AB to acquire all shares in Rezidor for a cash consideration of SEK 34.86 per share (approximately US$3.79 per share), below Rezidor’s closing price of SEK 37.20 on December 22. HNA owns, directly and indirectly, 51.3% of all outstanding shares in Rezidor following the acquisition of Carlson Hotels.
According to HNA’s announcement it intends to make an offer document available around February 2, 2017, which will be distributed to the shareholders in Rezidor. HNA has further informed that the offer period will start on February 3, 2017, and end on March 10, 2017.
The Rezidor board will now evaluate the offer and obtain a fairness opinion. Rezidor further stated that the board will no later than two weeks prior to the expiry of the acceptance period announce its opinion of the offer, including the reasons for its opinion.
Trudy Rautio, Wendy Nelson and David Berg will not, due to conflict of interest following the sale of Carlson Hotels Inc. to HNA, participate in the board’s processing of, or any other resolutions concerning, the offer. The remaining members of the board, being Staffan Bohman, Anders Moberg, Charlotte Strömberg and Göran Larsson, have for the purposes of the offer appointed Staffan Bohman as chairman.