HNA approaches the very last share stage with gategroup
By Doug Newhouse |
HNA Aviation (Hong Kong) Air Catering Holding Co (better known as the HNA Group) now holds 96.10% of 26,786,336 listed shares in gategroup Holding AG and will instruct its new subsidiary to file a request with the SIX Swiss Exchange to cancel those still outstanding.
This effectively means that shareholders holding these ‘gategroup shares’ will be compensated at the offer price of CHF53 ($53) which was offered to all the other shareholders who have already accepted.
The HNA Group added that upon settlement of the offer – irrespective of the outcome of the share cancellation proceedings – it will instruct gategroup to apply to the SIX Swiss Exchange for the de-listing of all gategroup shares in accordance with exchange rules.
It will also seek an exemption of certain disclosure obligations under the listing rules of SIX Swiss Exchange, until the date of the de-listing of the gategroup Shares.
After all of the offer conditions have been satisfied, HNA say it will provide more information about the closing of the second trading line for those gategroup shares which were tendered into the offer and then announce the settlement date.
It adds that the total ‘settlement of the offer’ [meaning completion-Ed] is formally expected in the fourth quarter of this year.
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