HNA Tourism Group has extended to April 7 the acceptance period in its offer to acquire all of Rezidor Hotel Group AB's remaining outstanding stock for 34.86 Swedish kronor per share.
The original acceptance period ended March 10, but was extended to March 24. The second extended acceptance period will run from March 27 until 5 p.m. central Europe time on April 7, with its results expected to be announced on or about April 12.
The extension is meant to allow Rezidor shareholders to take into account the proposals of Rezidor's nominating committee as they evaluate the offer. HNA Tourism noted that the nominating committee's proposals have not yet been completed and submitted to Rezidor.
In February, Rezidor advised its shareholders not to accept HNA Tourism's mandatory offer, saying it does not reflect the financial value of the company.
As of March 24, US$1 was equivalent to 8.81 Swedish kronor.