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TORONTO (AP) - Luxury hotel operator Four Seasons Hotels Inc. said Monday it agreed to accept a $3.37 billion going-private offer from its chief executive and firms owned by Bill Gates and a Saudi prince.
Under the terms of the agreement, parties including Gates' Cascade Investment LLC, Kingdom Hotels International and Isadore Sharp, Four Seasons' chairman and chief executive, will buy the Toronto company for $82 per share. Kingdom Hotels is owned by a trust created by Saudi Prince Alwaleed Bin Talal, a nephew of the late King Fahd and one of the richest businessmen in the Middle East.
When the transaction is completed, Sharp will receive a one-time payment of $289 million related to a long-term incentive agreement approved by the company's shareholders in 1989.
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