HAIKOU, PEOPLE’S REPUBLIC OF CHINA and ZURICH, SWITZERLAND – On 20 May 2016, HNA Aviation (Hong Kong) Air Catering Holding Co., Ltd., Hong Kong, a subsidiary of HNA Group Co., Ltd., published the offer prospectus on the public tender offer for all publicly held shares of gategroup Holding AG.
Up to the expiration of the additional acceptance period on 21 July 2016, 4:00 p.m. CEST, a total of 25,531,886 gategroup Shares have been tendered into the offer, corresponding to 95.32% of all listed gategroup Shares as of 21 July 2016 respectively 96.07% of the 26,576,558 gategroup Shares that are object of the offer as of 21 July 2016 (success rate).
The offer price for the gategroup Shares, which were validly tendered during the offer period and the additional acceptance period, is expected to be paid towards the end of the 3rd quarter/beginning of the 4th quarter 2016. The separate second trading line for gategroup Shares tendered into the offer will be kept open until shortly before the settlement of the offer.
The HNA leadership commented on the public tender offer, “We are pleased about this final result. HNA is committed to expanding in the aviation industry through strategic investments in companies with strong market positions and excellent management teams. The acquisition of gategroup not only enriches our investment portfolio in airline catering, but also complements HNA’s existing activities including aviation, airport management, logistics and tourism. And we look forward to welcoming gategroup’s customers and employees into the partnership with HNA.”
Xavier Rossinyol, Chief Executive Officer of gategroup, said about the final result, “This transaction is a great next step for all of gategroup, our people and our customers. gategroup will flourish as we accelerate our Gateway 2020 strategy and further expand our global reach with HNA’s strong presence in the rapidly growing Asian market. In our common future, gategroup will continue to deliver innovative solutions and the highest industry standards as an independently managed company under HNA’s strategic guidance.”
After the settlement of the offer, HNA intends to submit an application to SIX for the de-listing of the gategroup Shares and for an exemption from certain disclosure and publicity obligations in accordance with the listing rules of SIX. Furthermore, HNA will request a squeeze-out or squeeze-out merger in line with chapter 5 of the offer prospectus.