Saudi Prince Alwaleed bin Talal and an investment firm owned by Bill Gates launched an offer for Four Seasons Hotels on Monday that proposes to take the Canadian luxury hotelier private.

News of the bid from two of the world's richest men sent the company's shares up more than 30 percent, quickly topping the bid price of $82 a share in cash.

The offer, which Four Seasons said values the hotelier at $3.7 billion, comes from a group that features Prince Alwaleed's Kingdom Hotels International, Gates' Cascade Investment LLC and Four Seasons' founder Isadore Sharp and his Triples Holdings Ltd.

Four Seasons said the offer represents a 28.4-percent premium over its closing share price on Friday. Based on outstanding shares of 33.1 million, the deal is worth $2.7 billion.

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