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Prince Alwaleed buys Fairmont Hotels & Resorts Inc.
Middle East and North Africa Business Report, January, 2006
Jan. 31--Fairmont Hotels & Resorts Inc. has announced that it had entered into an Acquisition Agreement whereby a Canadian company owned by Kingdom Hotels International and Colony Capital will acquire all of Fairmont's outstanding common shares at a price of US$45.00 per share in cash.
The total value of this transaction, including debt and the combination with Raffles, is expected to be approximately US$5.5 billion (or US$3.9 billion, without giving effect to the Raffles combination).
This all-cash transaction for 100 percent of the Company's shares represents a 28 percent premium over Fairmont's closing share price on November 4, 2005, the last trading day on the NYSE prior to the public expressions of interest in the Company, and exceeds the...
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