11-Apr-2016 2:22 PM

HNA makes recommended all cash offer to acquire gategroup

HNA Group (HNA) and gategroup Holding AG jointly announced (11-Apr-2016) the two companies have entered into a definitive transaction agreement pursuant to which HNA will launch an all cash public tender offer for all publicly held registered shares of gategroup.

  • The tender offer is at a price of CHF53 (EUR48.75) per share. On a fully diluted basis, the offer price values gategroup at an equity value of approximately CHF1.4 billion (EUR1.3 billion);
  • In addition, gategroup shareholders will receive the previously proposed dividend of CHF0.30 per share (EUR0.276) for the financial year ended 31 December 2015, subject to approval by the gategroup AGM on 14-Apr-2016;
  • Including the dividend, the offer price represents a 37.8% premium to the volume weighted average price during the last 60 trading days prior to the pre-announcement of the offer and a 20.9% premium to the closing share price as of 08-Apr-2016
  • HNA is a privately owned long-term strategic investor committed to support gategroup's Gateway 2020 strategy and its planned expansion in growth markets;
  • Upon completion of the public tender offer, HNA intends to delist gategroup from the SIX Swiss Exchange and operate the company as an autonomous portfolio company within the HNA group;
  • gategroup will be operated as an autonomous portfolio company of HNA and will remain headquartered in Switzerland under the leadership of the current management team;
  • The public offer is subject to a minimum acceptance condition of 67 % and the approval of all competent regulatory and merger control authorities and other customary closing conditions.
  • gategroup's board unanimously supports the public tender offer and recommends that shareholders accept the offer. [more - original PR]

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