21st Oct 2019 13:40
(Alliance News) - Marriott International Inc on Monday said its offer for Elegant Hotels Group PLC has reached another milestone following receipt of a non-binding letter of intent from wealth managers Hargreave Hale Ltd to vote in favour of the deal.
International Hotel Licensing Co Sarl, a wholly-owned subsidiary of the Mariott hotel chain owner, is to pay 110 pence per share for Elegant in a deal which values Elegant at GBP100.8 million.
With Hargreave Hale's non-binding letter to vote its 2.4 million Elegant shares - equivalent to a 2.7% stake - in favour, plus the irrevocable undertakings from 14.9 million Elegant shares already received, Marriott now has acceptances from around 19% of Elegant shares in issue or 17.2 million shares.
Hargreave Hale is part of Canaccord Genuity Wealth Ltd, itself the UK arm of Canada's Canaccord Genuity Group Inc.
Shares in Elegant Hotels were down 0.4% at 109.57p in London on Monday, while Marriott International shares closed up 0.4% in New York on Friday at USD121.05.
By Anna Farley; [email protected]
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