NEW YORK, March 22 /PRNewswire-FirstCall/ -- FS Acquisition Corp. ("Bidco"), a British Columbia corporation owned by Triples Holdings Limited and affiliates of Kingdom Hotels International and Cascade Investment, L.L.C., announced today that it has commenced a cash tender offer for any and all of the outstanding 1.875% Convertible Senior Notes due 2024 (CUSIP No. 35100E AE 4) (the "Convertible Notes") issued by Four Seasons Hotels Inc. ("FSHI") (TSX: FSH; NYSE: FS). The tender offer (the "Offer") is being made upon the terms and conditions in the Offer to Purchase and related Letter of Transmittal, dated March 22, 2007, as each may be amended and supplemented from time to time. The Offer will expire at 5:00 p.m., New York City time, on Monday, April 23, 2007, unless extended or terminated (the "expiration time"). Tenders of the Convertible Notes may be withdrawn at any time prior to the expiration time. The Offer is being made in connection with the Acquisition Agreement, dated as of February 9, 2007 (the "Acquisition Agreement"), between FSHI and Bidco, which is a corporation owned by Triples Holdings Limited and affiliates of Kingdom Hotels International ("Kingdom") and Cascade Investment, L.L.C. ("Cascade"). A meeting of FSHI shareholders is scheduled to be held on April 5, 2007 for the consideration and approval of the plan of arrangement (the "Arrangement"), pursuant to which, among other things, Bidco will acquire all of the outstanding limited voting shares of FSHI (the "FSHI Limited Voting Shares") (other than the FSHI Limited Voting Shares held by Kingdom, Cascade and their affiliates, if applicable) for US$82.00 in cash for each FSHI Limited Voting Share. Subject to satisfaction or waiver of applicable conditions, Bidco currently expects the Arrangement to become effective on April 24, 2007. The Arrangement is not conditioned upon successful completion of the Offer. Under the terms of the Offer, Bidco is offering to purchase each US$1,000 principal amount of Convertible Notes at a purchase price (the "Purchase Price") equal to the sum of (a) the amount that Bidco believes a holder would receive if it converted US$1,000 principal amount of Convertible Notes into FSHI Limited Voting Shares immediately prior to the effective time of the Arrangement, followed by each FSHI Limited Voting Share being converted into US$82.00 in the Arrangement (the "Conversion Amount"), plus (b) a premium of US$1.00 (the "Tender Offer Premium"). The Conversion Amount is subject to certain assumptions as set forth in "THE OFFER-3. Terms of the Offer-Purchase Price" in the Offer to Purchase. Based on an April 24, 2007 effective date of the Arrangement, the Purchase Price would be US$1,242.41 per US$1,000 principal amount of Convertible Notes (which is equal to the US$1,241.41 Conversion Amount plus the US$1.00 Tender Offer Premium). Bidco intends to keep the Offer open until 5:00 p.m., New York City time, on the business day before the effective date of the Arrangement. Therefore, if the effective date of the Arrangement, which is currently expected to be April 24, 2007, is set at a date after April 24, 2007, Bidco intends to extend the Offer accordingly, subject to applicable law. If the Offer is extended because the effective date of the Arrangement is set at a date after April 24, 2007, the Purchase Price will be adjusted as described in "THE OFFER-3. Terms of the Offer-Expiration Time; Purchase Price if the Offer is Extended" in the Offer to Purchase. In addition, Bidco will issue a press release to disclose the final Purchase Price on the day that is two business days prior to the extended expiration time of the Offer. The Offer is not conditioned on any minimum aggregate principal amount of the Convertible Notes being tendered. The Offer is, however, subject to the conditions discussed under "THE OFFER-8. Conditions of the Offer" in the Offer to Purchase, including the receipt, in form and on terms satisfactory to Bidco, of the Interim Order and the Final Order from the Superior Court of Justice (Ontario) as required under the Business Corporations Act (Ontario) in connection with the Arrangement and the approval of the Arrangement by the required vote of the FSHI shareholders. As discussed in the offer materials, none of Bidco or FSHI (or their respective managements or boards of directors), the Information Agent, the Depositary or their respective affiliates makes any recommendation to any holder of any of the Convertible Notes as to whether to tender any such Convertible Notes. This press release is merely a notification of the Offer and is neither an offer to purchase nor a solicitation of an offer to sell the Convertible Notes. The Offer is being made only pursuant to the Offer to Purchase and related Letter of Transmittal dated March 22, 2007. Holders of Convertible Notes should read the Offer to Purchase, related Letter of Transmittal and other tender offer documents distributed to them, and any subsequently distributed amendments thereto, because they contain important information. The Offer to Purchase, related Letter of Transmittal and other tender offer documents may be obtained free of charge by contacting Global Bondholder Services Corporation, the Information Agent and Depositary, by telephone at (866) 470-3800 (toll free), (212) 430-3774 (call collect) or in writing to 65 Broadway - Suite 723, New York, NY 10006, Attention: Corporate Actions. Questions regarding the Offer should also be directed to Global Bondholder Services Corporation as described above. Contacts: Global Bondholder Services Corporation 65 Broadway - Suite 723 New York, NY 10006 Attention: Corporate Actions (866) 470-3800 DATASOURCE: Four Seasons Hotels CONTACT: Corporate Actions of Global Bondholder Services Corporation, 1-866-470-3800

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