Four Seasons Agrees To $3.8 Billion Buyout Offer

Canadian luxury hotelier Four Seasons Hotels said Monday it has agreed to be taken private by a group of investors that includes Saudi Prince Alwaleed bin Talal and an investment firm owned by Microsoft Chairman Bill Gates.

The investors have offered $82 in cash for each limited voting share in a deal that values Four Seasons at $3.8 billion including debt, the company said.

Four Seasons said the transaction was approved unanimously by its board following a report and recommendation by a panel of independent directors.

A shareholder meeting to vote on the deal is expected in April. The transaction will require approval by two-thirds of the votes cast by holders of limited voting shares.

Last November, Prince Alwaleed's Kingdom Hotels International and Gates' Cascade Investment LLC. launched an offer to take Four Seasons private. At that time, Prince Alwaleed already had a 23-percent stake in Four Seasons, while Cascade had 8.2% of the company.

Shares of Four Seasons closed at $83.88 in New York on Friday, and at C$98.23 on the Toronto Stock Exchange.