With the transaction complete, Fairmont's common shares willcease to be listed for trading on the New York Stock Exchange andthe Toronto Stock Exchange. At the end of trading Thursday,Fairmont's share price stood at $49.29.
Kingdom Hotels is run by billionaire Saudi Prince Alwaleed binTalal, a global investor with a large stake in Citigroup Inc. andthe nephew of Saudi Arabia's King Abdullah. Colony Capital is aprivate Los Angeles-based investment firm. The deal was firstannounced inJanuary.
Kingdom and its affiliates already owned 3,875,000 common sharesof Fairmont, which equated to about 4.4% of Fairmont's outstandingshares. In accepting the offer by Kingdom and Colony, Fairmont'sboard of directors rejected a $40-per-share partial takeover bid ofCarl Icahn, who held a 9% stake in the company.
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