Tag Archives: CapLaw-2016-23

HNA announces a recommended all cash offer to acquire SIX listed gategroup

On 11 April 2016, Chinese HNA Group Co., Ltd. (“HNA”) announced an all cash public tender offer for all publicly held registered shares of gategroup Holding AG (“gategroup”) at a price of CHF53 per share.  Including the dividend, the offer price represents a 37.8% premium to the volume weighted average price during the last 60 trading days prior to the pre-announcement of the offer and a 20.9% premium to the closing share price as of 8 April 2016. According to the media release, gategroup’s Board of Directors unanimously supports the public tender offer and recommends that shareholders accept the offer.