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HNA Tourism unit lowers offer for Rezidor as settlement runs into 4th delay


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HNA Tourism unit lowers offer for Rezidor as settlement runs into 4th delay

A subsidiary of HNA Group unit HNA Tourism Group Co. Ltd. announced that it is trimming its per-share offer price for all of Rezidor Hotel Group AB's shares by 48 Swedish öre to 34.38 kronor per share.

HNA Sweden Hospitality Management AB also pushed back for a fourth time the settlement date for shareholder acceptance, to on or around Sept. 29.

The company cut the offer price after taking into account a 5 euro cents per-share dividend that Rezidor's board paid out May 8 to its shareholders of record May 3. Rezidor's shareholders who were not able to receive the dividend in euro were paid in kronor at an exchange rate of about 9.70 kronor to €1, according to the Swedish central bank's May 5 published rate.

HNA Sweden added that there was a possibility the revised preliminary settlement date could be further postponed to as late as Nov. 3. The latest delay came as a result of HNA Sweden being unable to attain the required regulatory, governmental or other clearances, approvals and decisions for the settlement by June 9.

HNA Sweden's initial acceptance period was to have concluded March 10, but was later extended to March 24, followed by April 7 and then June 9. With the most recent delay, HNA Sweden is allowing Rezidor shareholders to withdraw their offer acceptances until it fully receives the regulatory green light to settle the offer. Shareholders have until before Sept. 25 to withdraw.

HNA Tourism Group earlier received 51.3% of Rezidor's shares after it purchased Carlson Hotels Inc. from Carlson Hospitality Group Inc.

As of June 2, US$1 was equivalent to 8.65 Swedish kronor.