21.3 - 44x our 2006 EPS forecast for FHR , a 90% premium to...

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    FAIRMONT HOTELS TAKE-OVER EARLY FEB, 2006
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CHATEAU LAURIER
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BANFF
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CHATEAU FRONTENC
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FHR STOCK PRICE
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TAKE-OVER:  FHR today (JAN 30,  2006) announced it will be acquired by Saudi Prince Alwaleed’s  Kingdom  Hotels and Colony Capital , a private  US investment firm, for  $45 per share  in cash  On December 21, 2005, FHR’s Board  rejected Icahn’s bid for 41% of FHR  shares at $40 per share
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VALUATION OF OFFER The Kingdom-Colony offer represents 
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Unformatted text preview: 44x our 2006 EPS forecast for FHR , a 90% premium to the average lodging P/E . COMPARATIVE MULTPILES equates to 20x our 2006 EBITDA forecast, a 45% premium to the average hotel EV/EBITDA valuation Marriotts November 14, 2005, deal to acquire 38 hotels from Starwood carried multiples of 11.3-11.4x projected 2006 EBITDA...
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21.3 - 44x our 2006 EPS forecast for FHR , a 90% premium to...

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