On 11 April 2016, Chinese HNA Group Co., Ltd. (“HNA”) announced an all cash public tender offer for all publicly held registered shares of gategroup Holding AG (“gategroup”) at a price of CHF53 per share. Including the dividend, the offer price represents a 37.8% premium to the volume weighted average price during the last 60 trading days prior to the pre-announcement of the offer and a 20.9% premium to the closing share price as of 8 April 2016. According to the media release, gategroup’s Board of Directors unanimously supports the public tender offer and recommends that shareholders accept the offer.
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