Marriott International, Inc. (NASDAQ: MAR) announced that it has completed its acquisition of Elegant Hotels Group plc. The announcement from Elegant and International Hotel Licensing Company S.à r.l. was issued over London's Regulatory News Service earlier today. Full text can be found below:
On 18 October 2019, the boards of Elegant Hotels Group plc ("Elegant") and International Hotel Licensing Company S.à r.l. ("IHLC"), a wholly-owned indirect subsidiary of Marriott International, Inc. ("Marriott"), announced that they had reached agreement on the terms of a recommended all cash offer to be made by IHLC for the entire issued and to be issued ordinary share capital of Elegant (the "Acquisition").
On 6 December 2019, Elegant and Marriott announced that the Court had sanctioned the Scheme.
Elegant and Marriott are pleased to announce that the Court Order has been delivered to the Registrar of Companies today and accordingly the Scheme has now become effective, in accordance with its terms. Elegant is now a wholly owned subsidiary of IHLC.
Scheme Shareholders on the register of members of the Company at the Scheme Record Time, being 8.00 p.m. on 6 December 2019, will receive 110 pence in cash for each Scheme Share. Settlement of the cash consideration due to Scheme Shareholders will occur within 14 days.
Dealings in Elegant Shares on AIM were suspended with effect from 7.30 a.m. today. The cancellation of trading of Elegant Shares on AIM is expected to take place at 7.00 a.m. on 10 December 2019.
As a result of the Scheme having become Effective, share certificates in respect of the Elegant Shares have ceased to be valid documents of title and entitlements to Elegant Shares held in uncertificated form in CREST are being cancelled.
Capitalised terms used but not defined in this announcement have the meanings given to them in the Scheme Document.
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