ROME -- Italy's Autogrill SpA plans to offer $529 million in cash for the Host Marriott Services Corp., the airport restaurant concessionaire based in the United States.
Autogrill, a highway restaurant company controlled by the apparel retailer Benetton, said in a statement Monday that the buyout offer had been unanimously approved by the board of Host Marriott Services.The merged group would have activities in North America, Europe, Australia and Asia, and Autogrill says it would be the world's biggest restaurant operator catering to travelers.
The $15.75 a share cash offer represents a 61.5 percent premium over Host Marriott Services' closing price of $9.75 a share Friday on the New York Stock Exchange.
Autogrill has 652 restaurants and bars and is Europe's biggest restaurant group catering to travelers. It recently won the rights to use the Burger King brand in Italy.
Host Marriott Services, based in Bethesda, Md., is the U.S. leader in restaurant concessions and is present in nearly 200 locations. It operates in 18 of the 20 biggest American airports and has rights to the brands Burger King, Pizza Hut and Starbucks.
Host Marriott Services, spun off by Host Marriott Corp. in 1995, has sales of $1.4 billion from units in seven countries and in 18 of the 20 biggest U.S. airports.
Host Marriott itself was created in 1993, when Marriott Corp. split into Marriott International Inc., the profitable hotel-management company, and Host Marriott, a money-losing and debt-laden owner of U.S. hotels, retirement homes and highway concessions.