After the first extended acceptance period ended March 24, more Rezidor Hotel Group AB shareholders accepted HNA Tourism Group's offer to acquire the company's remaining outstanding stock for 34.86 Swedish kronor per share.
Shareholders holding a total of 28,008,603 shares, corresponding to 16.40% of Rezidor's outstanding shares and votes, accepted the offer, bringing the aggregate shares that HNA Tourism holds to 115,560,790 or approximately 67.66%.
Settlement for the shares tendered during the first extended period is expected to start April 21, subject to certain conditions, including obtaining the required regulatory clearances.
HNA Tourism also announced a second extension period that will run from March 27 through April 7, 5 p.m. central European time, with the results expected to be announced on or around April 12.
In December, HNA Tourism gained ownership of 51.3% of all outstanding shares in Rezidor after acquiring Carlson Hotels Inc. from Carlson Hospitality Group Inc. that triggered the former's mandatory public offer to buy the hotel company. HNA Tourism increased its stake in Rezidor to 56.8% after the initial acceptance period ended March 10.
As of March 29, US$1 was equivalent to 8.89 Swedish kronor.