December 23, 2016 / 8:01 AM / 7 months ago

China's HNA Tourism makes mandatory bid for Rezidor

1 Min Read

STOCKHOLM (Reuters) - China's HNA Tourism Group late on Thursday announced a mandatory takeover bid for Rezidor Hotel Group (REZT.ST), offering 34.86 Swedish crowns ($3.78) per share for the company.

HNA Tourism Group, a division of Chinese aviation and shipping conglomerate HNA Group [HNAIRC.UL], got 51 percent of Rezidor as part of deal to acquire Carlson Hotels in April, forcing it to bid for Rezidor.

It said that under Nasdaq Stockholm's takeover rules the bid will be completed irrespective of acceptance level, conditional upon regulatory approvals.

The bid price was below Rezidor's Dec. 22 closing price of 37.20 crowns.

The offer was made by HNA Tourism's wholly-owned subsidiary HNA Sweden Hospitality Management.

($1 = 9.2135 Swedish crowns)

Reporting by Daniel Dickson; Editing by Adrian Croft

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