TORONTO, 13 February 2007 — Four Seasons Hotels Inc. has entered into a definitive acquisition agreement to implement the previously announced proposal to take Four Seasons private at a price of $82 cash per limited voting share.
Following completion of the transaction, which was announced yesterday, Four Seasons will be owned by affiliates of Cascade Investment, LLC, an entity owned by William H. Gates III, Kingdom Hotels International, a company owned by a trust created for the benefit of Prince Alwaleed bin Talal and Isadore Sharp.The transaction, which values Four Seasons at $3.8 billion (including debt), will be implemented by way of a court-approved plan of arrangement under Ontario law.
The transaction has been approved unanimously by the board of directors of Four Seasons (with interested directors abstaining) following the report and favorable, unanimous recommendation of a special committee of independent directors comprising Ronald Osborne, William Anderson and Brent Belzberg.
The special committee was advised by Merrill Lynch as independent valuator and financial adviser and Osler, Hoskin & Harcourt LLP, as independent legal adviser. Merrill Lynch has concluded that as at Feb. 5, the consideration to be received under the arrangement is fair, from a financial point of view, to the holders of limited voting shares.
“I am delighted that the board, after considering the recommendations developed by the special committee and its advisors, has determined to support what I believe is the best way to preserve and expand the long-term strategy, vision and core values of Four Seasons,” said Isadore Sharp, chairman and CEO of Four Seasons.
