Shareholders approve Saudi prince's bid for Fairmont hotels

0 Comments | AFP, April, 2006

OTTAWA (AFP) — Shareholders of Canada's iconic Fairmont Hotels and Resorts approved a 3.9-billion-US-dollar (3.22-billion-euro) takeover offer by Saudi Prince Alwaleed bin Talal and Colony Capital, the company announced.

The deal, worth 45 US dollars per share, must still be approved by a Canadian court and satisfy a group of debt holders who are expected to argue for more cash during a hearing Thursday, Fairmont said in a statement.

The joint offer by Prince Alwaleed's Kingdom Hotels International and investment group Colony Capital was made after Fairmont rejected an earlier bid in December from US billionaire Carl Icahn, calling it "inadequate."

If approved, this latest bid would combine the Fairmont name with the Raffles hotels, a portfolio of 33...