22nd Oct 2019 13:05
(Alliance News) - Marriott International Inc on Tuesday said another Elegant Hotels Group PLC shareholder, Lion Nominees Ltd, has submitted a non-binding letter of intent to accept Marriott's offer.
Lion Nominees holds 7.7 million Elegant shares, a stake of around 8.7%, and has agreed to vote in favour of the offer made by International Hotel Licensing Co Sarl - a subsidiary of the Mariott hotel chain owner - of 110 pence per Elegant share. The deal values Elegant at GBP100.8 million.
In combination with the previously announced non-binding acceptance letter from shareholder Hargreave Hale Ltd, which owns 2.4 million Elegant shares, and irrevocable undertakings from another 14.9 million Elegant shares, acceptances now stand at 24.9 million shares or around 28% of total shares.
Shares in Elegant were down 0.5% at 109.96p in London on Tuesday. Shares in Marriott closed up 1.6% at USD123.00 in New York on Monday and were flat in pre-market trading on Tuesday.
By Anna Farley; [email protected]
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