Marriott International has announced that it has completed its acquisition of Elegant Hotels Group, issued over London's Regulatory News Service.
Earlier in October this year, the boards of Elegant Hotels Group plc and International Hotel Licensing Company S.à r.l. (IHLC), a wholly-owned indirect subsidiary of Marriott International, 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.
On 6 December 2019, Elegant and Marriott announced that the court had sanctioned the scheme. Elegant and Marriott announced that the court order has been delivered to the Registrar of Companies and accordingly the scheme has now become effective, in accordance with its terms.
Scheme shareholders on the register of members of the company at the Scheme Record Time, being 8 pm 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.
Elegant is now a wholly-owned subsidiary of IHLC.
