Elegant Hotels Shareholders Vote In Favour Of Marriott Takeover

(Alliance News) - Elegant Hotels Group PLC said Thursday its shareholders voted in favour of its GBP100.8 million takeover by US hotel chain Marriott International Inc, at both its court meeting and general meeting.

In mid-October, Elegant Hotels and Marriott reached a takeover agreement, in which Marriott, via wholly-owned indirect subsidiary International Hotel Licensing Co Sarl, will pay 110 pence in cash per Elegant share. This values the entire share capital of Elegant at GBP100.8 million.

The offer represents a 57% premium to Elegant's closing price the day before the announcement of 70p, and implies an enterprise value of USD199.0 million based on the firm's net debt.

The acquisition is now conditional on the scheme being sanctioned by the court, at a hearing scheduled for December 6. Should the sanction be granted, shares in Elegant Hotels will be cancelled on December 10.

Shares in Elegant Hotels - which is headquartered in St James, Barbados - were down 0.5% at 109.00 pence on Friday in London. Marriott shares in New York closed 0.2% higher at USD132.98, remaining flat in pre-market trade Friday.

By Dayo Laniyan; dayolaniyan@alliancenews.com

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