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Bill Gates, Saudi prince bid on hotels

  |   Nov. 6, 2006 at 1:18 PM
TORONTO, Nov. 6 (UPI) -- Bill Gates and a member of the Saudi royal family have offered to buy Canada's Four Seasons Hotels Inc. for $3.7 billion.

The price of the all-cash offer, from Triples Holdings Ltd., which is run by the family of Four Seasons founder Isadore Sharp and is the controlling shareholder of Four Seasons, a trust created by Saudi Arabia's Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud and Bill Gates' Cascade Investment LLC, marks a 28.4 percent premium to the company's closing share price Friday.

Four Seasons has appointed a committee chaired by Ronald W. Osborne, who will be joined by William Anderson and Brent Belzberg, to evaluate the proposal, Four Seasons said Monday in a release.

If the deal is completed, Triples Holdings will keep a 10 percent stake in the properties with Gates and Alwaleed splitting the remaining 90 percent.

© 2006 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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