Four Seasons Hotels Inc. has agreed to a $3.37 billion offer to be taken private by a group that includes the Canadian company's chief executive as well as Saudi Prince Alwaleed bin Talal and Microsoft Corp. Chairman Bill Gates.

Four Seasons said the transaction was approved unanimously by its board following a report and recommendation by a panel of independent directors.

A shareholders meeting to vote on the deal is expected in April, the company said. The transaction will require approval by two-thirds of the votes cast by holders of limited voting shares.

Last November, Prince Alwaleed's Kingdom Hotels International and Gates' Cascade Investment LLC. offered $82 in cash for each limited voting share, a bid that values Four Seasons at $3.8 billion including debt, the company said.

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