Marriott announces close of Elegant buy
 
Marriott announces close of Elegant buy
09 DECEMBER 2019 9:32 AM

Marriott International picks up seven all-inclusive properties in Barbados through the $130-million purchase of Elegant Hotels Group.

BETHESDA, Md., Dec. 9, 2019 -- Marriott International, Inc. (NASDAQ: MAR) announced that it has completed its acquisition of Elegant Hotels Group plc. The announcement from Elegant and International Hotel Licensing Company S.à r.l. was issued over London'sRegulatory News Service earlier today. Full text can be found below:

On 18 October 2019, the boards of Elegant Hotels Group plc ("Elegant") and International Hotel Licensing Company S.à r.l. ("IHLC"), a wholly-owned indirect subsidiary of Marriott International, Inc. ("Marriott"), 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 (the "Acquisition").

On 6 December 2019, Elegant and Marriott announced that the Court had sanctioned the Scheme.

Elegant and Marriott are pleased to announce that the Court Order has been delivered to the Registrar of Companies today and accordingly the Scheme has now become effective, in accordance with its terms. Elegant is now a wholly owned subsidiary of IHLC.

Scheme Shareholders on the register of members of the Company at the Scheme Record Time, being 8.00 p.m. 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.

Dealings in Elegant Shares on AIM were suspended with effect from 7.30 a.m. today. The cancellation of trading of Elegant Shares on AIM is expected to take place at 7.00 a.m. on 10 December 2019.

As a result of the Scheme having become Effective, share certificates in respect of the Elegant Shares have ceased to be valid documents of title and entitlements to Elegant Shares held in uncertificated form in CREST are being cancelled.

Capitalised terms used but not defined in this announcement have the meanings given to them in the Scheme Document.

Important notices

PricewaterhouseCoopers LLP (''PwC"), which is authorised and regulated in the United Kingdom by the FCA, is acting as financial adviser to Marriott and IHLC and for no one else in connection with the Acquisition or other matters referred to in this Announcement and will not be responsible to anyone other than Marriott and IHLC for providing the protections afforded to its clients nor for providing advice in relation to the Acquisition, the contents of this Announcement or any other matters set out in this Announcement.

Liberum Capital Limited ("Liberum"), which is authorised and regulated in the United Kingdom by the FCA, is acting exclusively as financial adviser and broker to Elegant and for no one else in connection with the Acquisition or other matters set out in this Announcement and will not be responsible to anyone other than Elegant for providing the protections afforded to its clients nor for providing advice in relation to the Acquisition or other matters set out in this Announcement.

This Announcement is for information purposes only and is not intended to and does not constitute, or form any part of, an offer to sell or subscribe for or any invitation to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction pursuant to the Acquisition or otherwise.

The Acquisition will be made solely on the terms set out in the Scheme Document and the accompanying Forms of Proxy, which contain the full terms and conditions of the Acquisition, including details of how to vote in respect of the Acquisition. Any approval, decision or other response to the Acquisition should be made only on the basis of the information in the Scheme Document. Elegant Shareholders are strongly advised to read the formal documentation in relation to the Acquisition. Each Elegant Shareholder is urged to consult its independent professional adviser immediately regarding the tax consequences to it (or its beneficial owners) of the Acquisition.

This Announcement does not constitute a prospectus or prospectus equivalent document.

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