INTERNATIONAL REPORT—A consortium led by China’s Jin Jiang International said on Tuesday it had made an offer for the entire equity of Radisson Hospitality, valuing the Swedish hotel chain at $774.3 million, according to a report from news agency Reuters.
The consortium had already acquired 50.21% stake in the company in November.
The offer is mandatory, in accordance with Chapter 3, Section 1 of the Swedish Public Takeover Act, which put the company under an obligation to either launch the tender offer for the remaining outstanding shares in Radisson AB or sell down its ownership in Radisson AB below 30% within four weeks from the completion of the acquisition—and must have been completed by today.
The offer represents a premium of about 10% to the stock’s closing price on Monday.