Rezidor Shares Jump After HNA Agrees to Buy Biggest Shareholderby
Rezidor Hotel Group AB rose the most in 18 months after its majority shareholder agreed to be bought by a unit of China’s HNA Group Co. That fueled expectations that HNA will bid for the rest of Rezidor.
Rezidor, the Brussels-based owner of the Radisson and Park Inn brands, rose as much as 11 percent in Stockholm, the most since October 2014. HNA is acquiring Carlson Hotels Inc., a company that owns about 51 percent of Rezidor, and may make an offer for the rest of the shares, according to a Carlson statement on Wednesday.
Under Swedish takeover rules, HNA is required to make a tender offer for the rest of Rezidor within four weeks of the transaction being completed, according to the statement. The public tender offer would be at the 20-day, volume-weighted average price before the announcement.
Financial terms of the transaction weren’t disclosed. Carlson’s hotel group could fetch about $2 billion in a sale, people with knowledge of the matter said in March.
Rezidor was up 7.5 percent at 34.5 Swedish kronor at 10:45 a.m. in Stockholm, giving the company a market value of 6 billion kronor ($740 million)