HNA to buy Gategroup for $1.5bn

HNA Group has agreed to acquire airline catering company Gategroup Holding for 1.4 billion francs ($1.5 billion). Shareholders would receive 53 francs a share as well as the previously declared 30 centimes per share dividend, HNA said in a statement. The offer is about 20 percent more than the closing price on Friday. Shares of Gategroup rose by 18 percent to 52 francs. Upon completion of the public tender offer, HNA intends to delist Gategroup. The public offer is subject to a minimum acceptance level of 67 percent and regulatory approvals. The Swiss company’s directors unanimously supported the offer. Credit