CHINA/SWITZERLAND. HNA today confirmed its schedule to delist gategroup, the Swiss inflight services provider which it is set to acquire.
In April the Chinese conglomerate announced an all-cash offer to acquire gategroup that won unanimous support from the latter’s board.
Up to the expiration of the additional acceptance period of 21 July, 96.10% of all listed gategroup shares had been tendered into the offer.
This morning HNA outlined its intention to file a request for the cancellation of the outstanding publicly held gategroup shares, for which it will require a 98% combined share participation. If that level is reached, any gategroup Shares not owned by HNA will be cancelled and the remaining shareholders will receive a cash compensation equal to the offer price.
Upon settlement of the Offer, and irrespective of the outcome of the share cancellation proceeding, HNA will instruct gategroup to apply to the SIX Swiss Exchange for the de-listing of all its shares.