Chinese Consortium Launches Mandatory Bid For Radisson Hotel Chain
December 11 2018 - 8:01AM
Dow Jones News
By Dominic Chopping
STOCKHOLM--A Chinese consortium led by hospitality and travel
group Jin Jiang International Holdings Co. launched a mandatory
public offer on Tuesday to buy the remaining shares it doesn't
already own in Swedish hotel chain Radisson Hospitality AB
(RADH.SK), valuing the company at 6.98 billion Swedish kronor ($771
million).
The consortium--comprising Jin Jiang and SINO-CEE Fund--had
previously paid SEK35 a share for 50.21% of the company. On Tuesday
it offered to pay SEK40 a share for the remaining stake, a near 10%
premium to Monday's closing price of SEK36.50.
The acceptance period of the offer is expected to start on Jan.
7, 2019, and expire on Feb. 1.
Radissson said its independent committee will evaluate the offer
and announce its view no later than two weeks before the end of the
acceptance period, ie not later than Jan. 18, 2019.
The Sino-CEE fund was set up by a unit of the Industrial and
Commercial Bank of China Ltd. (1398.HK) to invest in
infrastructure, high-tech manufacturing and mass consumption
industries in central and eastern Europe.
-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter:
@domchopping @WSJNordics
(END) Dow Jones Newswires
December 11, 2018 07:46 ET (12:46 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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